The cryptosphere has been shaken since the beginning of the year by the bear market. If cryptocurrencies are far from in good shape, they are not the only ones to be affected. Stablecoins are far from living their best life. However, Binance US intends to turn things around and open a new path for USDT, one of the biggest stablecoins.
Binance US Reveals USDT Updates on Polygon Network and Avalanche
The crypto ecosystem is far from the bright days we knew it. Currently, digital assets are still buckling under the weight of the downtrend. While others imagine their end, Changpeng Zhao, the CEO of Binance, continues to fight for a better adaptation of cryptocurrencies.
After the fall of Terra’s UST, many stablecoins came under intense investigation. Among these is the USDT. In a recent tweet, the US branch of Binance has revealed new details regarding USDT transfers. According to the official Binance US Twitter account, the platform allows USDT transfers on two new networks: Avalanche (AVAX) and Polygon (MATIC).
Indeed, the crypto platform has announced support for Avalanche which is a layer 1 blockchain serving as a platform for bespoke blockchains and decentralized applications. And Polygon which is an Ethereum Layer 2 scaling solution. The latter enables fast transactions at relatively low fees. Now, the global cryptocurrency exchange supports USDT transfers across multiple networks. Namely, BNB, ETH, TRX, BSC, MATIC, SOL and XTZ.
Changpeng Zhao does not intend to stop in such a good way!
Changpeng Zhao, commonly known as “CZ”, is one of the wealthiest people in cryptocurrencies and his Binance platform is the largest crypto exchange in the markets. To maintain his position, the entrepreneur always sees further and does not allow himself to be dismantled by situations. Indeed, the market slowdown does not stop it!
On September 5, its digital asset exchange halted some trading services. Notably, TrueUSD (TUSD), USDP stablecoin (USDP) and USD coin (USDC). Nevertheless, the exchange said that it will convert the assets held in custody to BUSD after the specified time. The purpose of this conversion? Improved liquidity and capital efficiency for consumers.
This announcement surprised many negotiators. For the trouble, the exchange has put an emphasis on communication. In a recent communicated, he confirmed integration with Polygon and Avalanche for BUSD. Users will now be able to transfer these stablecoins between several chains including BNB Chain, Ethereum (ETH) and all those listed above.
After a slight recovery at the beginning of the month, prices are again plunging into the red. The main cryptocurrency, the bitcoin (BTC), lost 1.70% in the last 24 hours according to data from Tradingview. Despite the difficult times, CZ remains confident and expects a imminent bull run. In the meantime, the CEO of Binance continues to develop projects.
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