Binance Accomplishes BUSD Integration on Polygon

The world-famous crypto exchange, Binance, has carried out Binance USD’s (BUSD) integration on Polygon and Avalanche networks. Formerly, the platform stated that present USDC, TUSD, and USDP balances in the accounts of the consumers will be by default transformed to BUSD.

Binance Integrates WAXP into ERC20 and Opens Withdrawals and Deposits

In this endeavor, the venue has effectively integrated the WAX (WAXP) into ERC-20. The withdrawals and deposits were not permitted on the network of Ethereum. The top crypto exchange across the globe will automatically convert the deposits of the customers of the other stablecoins into Binance USD (the native token thereof) following achieving a market valuation of up to $20B.

Top Crypto Exchange Decides to Convert Other Stablecoin Deposits into BUSD

The competition within the market of stablecoins is rising day by day with the increasing interest in this sector along with the entry of the biggest players struggling for getting a market share. In the words of the analysts, by taking such a decision, Binance could elevate the opposition among the biggest stablecoin issuers taking into account Circle and Tether. As per them, this move could provide Binance with more revenue with the growth witnessed in the stablecoin-related market capitalization of the exchange.

The fame gained by the stablecoins has escalated enormously during the previous couple of years, taking into account nearly $143B in the cumulative market value in comparison with the $21B witnessed at the denouement of 2020’s September, as per the data issued by the Block. The 2nd-biggest issuer of USD Coin, Circle Internet Financial Ltd., kept $40.1B in temporary Treasurys till 15th September, as the website says.

An interest income of up to $28.5M has been earned on the behalf of the firm (which is based in Boston) on the respective stablecoin in the previous year. After that, it generated approximately $100.4M for the initial 6 months of the present year, as mentioned in its latest filing. Binance USD’s market cap has in advance surpassed the level of $20B just a week back, only 3 years following the launch of the venue.

BUSD Conversion Could Generate More Revenue o $898M

With the auto-conversion, the market capitalization of the company could be taken up by $898M (or 2%) of the supply of the token, as noted in a recent study carried out by Andrew Moss and Alkesh Shah. The researchers claim that, with the exclusive decision, the USD Coin could likely get assistance for the long term in heightening the market share thereof in comparison with Tether.