Binance-Peg BUSD Is Now On The TRON Blockchain
Binance, the leading crypto exchange according to daily trading volume, has successfully integrated the Binance-Peg BUSD onto the TRON blockchain. As a result, the TRON blockchain will now support the Binance-Peg BUSD trading pair. Also, users can now make withdrawals and deposits using this token.
Binance-Peg BUSD Launched On TRON
Per the official announcement, the Binance-Pegged BUSD, a wrapped model of the BUSD stablecoin, is now available on more blockchains to enhance users’ experience. Previously, the TRON network supported the BUSD stablecoin issued by Paxos.
Holders of the Binance-Pegged BUSD and BUSD can now transfer both tokens across the TRON blockchain due to the recent development. Changpeng Zhao, the CEO of Binance, earlier said that the Paxos-issued BUSD stablecoin was under the regulation and scrutiny of US authorities.
However, the Binance-Peg BUSD is different from the BUSD stablecoin. First, the Binance-Peg BUSD is not under the regulation of US authorities, including the NYDFS.
Also, Paxos does not issue the Binance-Peg BUSD. Rather, Binance mints it independently on other blockchains such as Avalanche, Polygon, and BNB Chain. Additionally, this new token is pegged to the BUSD on a 1:1 basis.
As a result, holders of the Binance-Peg BUSD can now trade the token on other networks like Polygon, Avalanche, Ethereum, TRON, and the BNB Chain. Holders of the Binance-Peg BUSD and BUSD can also swap the tokens across various blockchains.
XRP Flips BUSD To Take 6th Spot
Earlier this week, Ripple’s XRP flipped the BUSD stablecoin to take the 6th spot according to market valuation. According to CoinMarketCap, the market valuation of XRP on December 26th exceeded that of BUSD by about $700 million.
On December 23rd, the number of XRP sharks and whale addresses holding between 1,000,000 and 10,000,000 coins hit a new record high. According to Santiment, an on-chain analytical platform, the total number of wallet addresses has reached 1,617.
However, the exchange rate for the BUSD has remained glued to a $1 per unit valuation in the past week. At the beginning of November, rumors circulated about the BUSD stablecoin.
Media outlets alleged that Binance was involved in money laundering operations. Also, they claimed the exchange’s reserves comprised mainly of BUSD coins. However, Binance chief, Zhao, has clarified the situation and the reasons behind the FUD surrounding the crypto exchange.
In other news, the TRON DAO has decided to join the Enterprise Ethereum Alliance (EEA). This will make TRON DAO a member of the organization, allowing it to partner with the Alliance to increase the adoption of Ethereum.
Both entities will collaborate to develop commercial breakthroughs for businesses and the blockchain.
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