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The digital stablecoin BUSD is now backed by the Polygon and Avalanche blockchains

The digital stablecoin BUSD is now backed by the Polygon and Avalanche blockchains

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Answer The digital stablecoin BUSD is now backed by the Polygon and Avalanche blockchains

The digital stablecoin BUSD is the third largest stablecoin by total market capitalization after both USDT and USDC.

As for the person behind the BUSD stablecoin, it is Binance.

In an announcement on Tuesday, it was stated that BUSD is now available on both the Avalanche and Polygon blockchains.

BUSD Support Expansion:

Binance told that users can now safely and efficiently explore the two mentioned ecosystems with the help of the BUSD cryptocurrency.

Binance launched its stablecoin on the Ethereum blockchain in partnership with Paxos in September 2019.

The Binance stablecoin BUSD is currently the sixth largest cryptocurrency by market capitalization.

Read:Ethereum staking process: Allocating one million Ethereum (ETH) coins for this purpose

It is currently valued at $20.5 billion, according to data provided by CoinMarketCap.

In early September, Binance announced that it will convert user balances and deposits from digital stablecoins (TUSD), coins (USDC), Pax Dollars and (USDP) to BUSD.

The company explained that such a change was necessary in order to “enhance liquidity”.

Read:Why was Bitcoin used instead of Monero in the recent Twitter hack

The decision to remove rival stablecoins is likely to boost demand for Binance’s BUSD cryptocurrency.

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