Binance will be using Syscoin’s Ethereum Bridge to further facilitate the adoption of its stablecoin – Binance USD (BUSD).
The Syscoin Foundation announced that the Syscoin Ethereum Bridge would be used and explored by the stablecoin of the world’s largest exchange, Binance (BUSD).
Per the agreement, BUSD will be available on Syscoin’s network. The stablecoin, issued by Binance and Paxos, pegged 1:1 with the US Dollar, is approved and regulated by the New York State Department of Financial Services (NYDFS).
Syscoin’s Network to Feature BUSD
According to a press release shared with CryptoPotato, the stablecoin issued by the world’s leading cryptocurrency exchange, Binance, together with Paxos, will be available on the Syscoin network following integration.
The Syscoin platform and its Ethereum Bridge allows for quick settlement times, low-cost transactions, as well as massive transactional throughput. BUSD will be using the model of Syscoin Platform Token, ticked SPT, and a lot of its features to enhance the overall adoption of the stablecoin.
Speaking on the matter was Samuel Lim, Chief Compliance Officer at Binance, who said:
Stablecoins are increasing in popularity and as a market leader in this ecosystem. Binance is always looking for ways to scale BUSD and improve public adoption. Our collaboration with Blockchain Foundry will allow BUSD to be used on the Syscoin platform and the Syscoin Ethereum bridge.”
SYS Impressive Weekly Price Performance
The past week has been nothing short of impressive for Syscoin’s token, SYS. It increased by more than 250% from about $0.03 to $0.11, where it’s currently trading.
The Syscoin Bridge serves as a hub that connects essential components of the DeFi ecosystem. With the latter currently booming, it’s perhaps not a surprise that SYS has been on the go as well.
This bridge enables ERC20 tokens to move back and forth between Ethereum and Syscoin networks. It’s powered by a series of Ethereum-based smart contracts, as well as a Simple Payment Verification (SPV). The trust component is minimized, which removes the need for counterparties, and it has no limitations in terms of liquidity.
“The Syscoin Ethereum bridge was designed specifically to help provide Syscoin’s benefits of fast, scalable, and low-cost transactions to tokens on other blockchain platforms. We’re excited to partner with Binance to demonstrate the platform benefits and cost savings this technology can bring to BUSD.” – Said Dan Wasyluk, CEO and Syscoin co-founder.