Digital Assets: Binance-Peg BUSD Now Available on TRON Blockchain Network

The team at Binance is pleased to announce that Binance-Peg BUSD is now “available on TRON.”

Along with the BUSD issued by Paxos on the Ethereum blockchain, Binance-Peg BUSD (a wrapped version of BUSD “offered by Binance) extends its supported blockchain networks to include TRON.”

You can now “use Binance-Peg BUSD on the BNB Chain, Avalanche, Polygon, and TRON networks.”

Binance-Peg BUSD support on multiple chains “provides traders with a fast and safe way to transfer the USD-backed stablecoin across different platforms.” All users can now “explore the TRON ecosystem with native Binance-Peg BUSD more safely and efficiently.”

The Binance-Peg BUSD smart contract address on TRON is:

Note that BUSD is “issued on Ethereum by Paxos and regulated by the New York State Department of Financial Services (NYDFS).”

Binance provides the pegged token service “to lock BUSD on Ethereum and issues an equivalent amount of Binance-Peg BUSD on the other networks (BNB Chain, Avalanche and Polygon, TRON, etc.).”

Binance-Peg BUSD is a Binance product. It is “not issued by Paxos nor regulated by the NYDFS. Check out the Proof of Assets page for more information.”

As noted in the update, TRON is “a public blockchain attempting to become the core infrastructure for a decentralized internet.”

It was founded in September 2017 by H.E. Justin Sun.

Its mainnet was “launched on May 31, 2018. TRON relies on a Delegated Proof-of-Stake (DPoS) mechanism in which 27 Super Representatives rotate every 6 hours to validate blocks and transactions.”

Since its launch, TRON has “become one of the most widely used programmable blockchains for decentralized applications and has gained incredible traction in recent years, with over 129 million users on the blockchain and upwards of 4.4 billion transactions.”

TRX (Tronix) is the TRON mainnet’s token “based on the TRON Protocol. On its blockchain, TRX serves as the fundamental unit of accounts, and the value of all other coins is derived from that of TRX.”

TRX was “minted on Ethereum but moved to the TRON Protocol in 2018 when the mainnet launched.” It has “an unlimited supply, and users can earn rewards by participating in the TRON network’s voting system.” In addition, users can “use TRX to create DApps and smart contracts and access an ecosystem of DeFi projects.”

As mentioned in the announcement, BUSD is “a regulated, fiat-backed stablecoin pegged to the U.S. dollar. The Paxos-issued BUSD stablecoin, as well as its reserves, are subject to strict regulatory oversight by the New York Department of Financial Services.”

BUSD is “backed by reserves held in either or both (i) fiat cash in dedicated omnibus accounts at insured U.S. banks and/or (ii) U.S. Treasury bills (including through repurchase agreements and/or money-market funds invested in U.S. Treasury bills).”

Binance-Peg BUSD, which is “not issued by Paxos nor regulated by NYDFS, is a separate product.”

Binance independently “mints Binance-Peg BUSD on other blockchains (e.g., BNB Chain, Polygon, Avalanche) and pegs the tokens to BUSD on a one-to-one basis.”

This allows holders of both tokens on the Binance platform “to swap tokens between Ethereum and other blockchains.”

Register Now to Attend
Sponsored Links by DQ Promote



Send this to a friend