Binance has announced its new altcoin partner to maintain the price stability of stablecoin BUSD, according to an announcement made during the day. The news comes amid widespread speculation about the stock market.
Binance will work with this altcoin project for BUSD
The largest crypto exchange has completed the integration of BUSD into the TRON network. Deposits and withdrawals for Binance-Peg BUSD are now open on the TRON network. The announcement came from TRON DAO’s official Twitter account. In this way, it interacts with different networks such as Avalanche and Polygon.
?@binance has completed the integration of Binance-Peg BUSD on the #TRON network.
?Deposits and withdrawals for Binance-Peg BUSD are now open on #TRON.
?Ringing in more #TRONICS support for @binance @BNBCHAIN! pic.twitter.com/Y6b42Ugotn
— TRON DAO (@trondao) December 30, 2022
Along with BUSD issued by Paxos on Ethereum, Binance-Peg BUSD (a packaged version of BUSD offered under Binance’s management) expands supported Blockchain networks to include TRON. This will now allow users to transfer BUSD and Binance-Peg BUSD over the TRON network. The exchange can independently mint Binance-Peg BUSD on other networks such as BNB Chain, Polygon, and Avalanche, pegging tokens to BUSD on a one-to-one basis
Binance USD (BUSD), on the other hand, is a regulated, fiat-backed stablecoin pegged to the US dollar. The BUSD stablecoin and its reserves issued by Paxos are subject to strict regulatory oversight by the New York Department of Financial Services.
What the partnership means for the Binance ecosystem
Thanks to the cooperation, the exchange’s holders of both tokens will be able to exchange tokens between Ethereum and other networks. Binance-Peg BUSD is neither issued by Paxos. It is also regulated by NYDFS. BUSD, on the other hand, is a fiat-backed stablecoin pegged to the US dollar and subject to regulation. Binance-Peg BUSD is available on the TRON network as well as the BNB Chain, Ethereum, Avalanche and Polygon networks.
TRON’s total account exceeds 132 million
According to the TRONScan Twitter account, TRON’s total account exceeded 132 million, reaching 132,010,999. The TRON ecosystem continues to grow as it strives to decentralize the web.
???Congratulations!!! #TRON's total accounts have reached 132,010,999, exceeding 132 million!
?#TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
?Appreciation to all #TRONICS! pic.twitter.com/7Pth4ZfIGw
— TRONSCAN (@TRONSCAN_ORG) December 29, 2022
On the other hand, TRON DAO announced its membership to the Enterprise Ethereum Alliance (EEA). As an EEA member, TRON DAO will work with members of the EEA and the Ethereum ecosystem, who are key business adopters, innovators, and leaders, to accelerate the pace of Ethereum business breakthroughs and adoption.
Finally, it should be noted that Binance was in the middle of intense FUD news in December. The leading exchange suffered a ‘bank run’ due to concerns about the US lawsuit and evidence of reserves. On December 13, he faced a $2 billion BTC withdrawal in just 24 hours. cryptocoin.com As we reported, CEO CZ said that there is no need to worry the community in the meantime. Currently, the stock market has pushed FUD news away.