The cryptosphere has been rocked by a bear market since the beginning of the year. If cryptocurrencies are not in good shape, they are not the only ones affected. Stablecoins are far from living their best life. However, Binance US wants to turn things around and open a new path for USDT, one of the largest stablecoins.
Binance Releases USDT Update on US Polygon Network and Avalanche
The crypto ecosystem is far from the bright days as we knew it. Currently, digital assets are still stuck under the weight of a downward trend. While others imagine their fate, Binance CEO, Changpeng Zhao continues to fight for a better adaptation of cryptocurrencies.
After Terra’s UST collapse, many stablecoins have come under intense scrutiny. Among these is the USDT. in recent times Tweet, Binance US branch released new details regarding USDT transfer. According to the official Binance US Twitter account, the platform allows USDT transfers to two new networks: Avalanche (AVAX) and Polygon (MATIC).
In fact, the crypto platform announced support for Avalanche which is a level 1 blockchain that serves as a platform for bespoke blockchain and decentralized applications. and Polygon which is an Ethereum Layer 2 scaling solution. The latter enables faster transactions at relatively low fees. Now, global cryptocurrency exchanges support USDT transfers on multiple networks. Namely, BNB, ETH, TRX, BSC, MATIC, SOL and XTZ.
Changpeng Zhao does not want to stop on such a good way!
Changpeng Zhao, commonly known as “CZ”, is one of the richest men in cryptocurrency and his Binance platform is the largest crypto exchange on the market. To maintain his position, the entrepreneur always looks further and does not allow himself to be broken by the situation. The market recession does not stop!
On September 5, its digital asset exchange shut down some trading services. Notably, TrueUSD (TUSD), USDP stablecoin (USDP) and USD coin (USDC). Nevertheless, the exchange said it will convert the assets in custody to BUSD after a certain period of time. The purpose of this conversion? Improved liquidity and capital efficiency for customers.
The announcement surprised many negotiators. For hassles, the exchange emphasized communication. In a recent release, it confirmed integration with Polygon and Avalanche for BUSD. Users will now be able to transfer these stablecoins between several chains, including the BNB chain, Ethereum (ETH) and all those listed above.
After a bit of a recovery earlier in the month, prices are plunging back into the red. Major cryptocurrencies, Bitcoin (BTC), lost 1.70% in the last 24 hours according to data from Tradingview. Despite the tough times, CZ remains confident and optimistic The upcoming bull run. Meanwhile, Binance’s CEO continues to develop projects.
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The world is changing and adaptation is the best weapon to survive in this volatile universe. As a crypto community manager at base, I am interested in everything directly or indirectly related to blockchain and its derivatives. There is nothing better than writing articles that are informative and entertaining at the same time, to share my experience and inform a field that fascinates me.