Binance USD (Binance-Peg BUSD) is now available for deposits and withdrawals on the Polygon network, giving our users access to one of the fastest-growing stablecoins.
BUSD was first issued on Ethereum. Binance-Peg BUSD is now extended to Polygon to provide users with a fast and secure way to transfer the USD-backed stablecoin across different blockchains. The native Binance-Peg BUSD can currently be withdrawn directly from Binance into the Polygon PoS chain.
The partnership is expected to open the gates for increased trading volume and liquidity on the Polygon network. It will also enable fintech and other business partners to use Binance-Peg BUSD for settlement. Robinhood has already enabled Binance-Peg BUSD swaps in its non-custodial wallet.
Binance-Peg BUSD is the second stablecoin after Tether (USDT) to be natively minted on Polygon. In the coming months, the integration will allow BUSD users to explore Polygon’s vast ecosystem of tens of thousands of dApps, including some of the biggest DeFi applications like decentralized exchanges and lending protocols.
[Read more: Starbucks Taps Polygon for Its 'Starbucks® Odyssey' Web3 Experience ]
Designed to have a one-on-one exchange rate with the US dollar, BUSD is the third-largest stablecoin with a market capitalization of over $21 billion as of October 2022. Backed by an equal amount of cash and treasury bills, BUSD is issued by Paxos, supported by Binance, and green-listed by regulatory watchdog New York State Department of Financial Services. Note that Binance-Peg BUSD is strictly a Binance product; it is not issued by Paxos.
Stablecoins are virtual gateways for DeFi as they bridge the gap between crypto and fiat currencies. USDT, the world's third-largest cryptocurrency with a market capitalization of more than $68 billion, went live on Polygon in May. A bridged version of Circle’s USDC, which ranks fifth, became available in June.
Users can also get Polygon native Binance-Peg BUSD on Binance. If you are not already a Binance user, click here to register for an account.
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