Binance US Expands USDT Transfers To Avalanche And Polygon Networks

By September 23, 2022Layer2
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One of the biggest exchanges in the world is Binance US. The exchange has expanded in terms of both popularity and growth since it first began. The US division of the global exchange is called Binance US.

Binance US Expands USDT Transfers To Avalanche And Polygon Networks
Binance US Expands USDT Transfers To Avalanche And Polygon Networks 1

Throughout the year, stablecoins didn’t have the best performance. Other stablecoins came under scrutiny as well when Terra’s UST fell. One of the biggest stablecoins in the fleet is USDT.

Binance’s US branch has provided updated information on USDT transfers. Two more networks are now supported by the exchange.

Binance US enables Avalance and Polygon Network transfers

Binance US Expands USDT Transfers To Avalanche And Polygon Networks
Binance US Expands USDT Transfers To Avalanche And Polygon Networks 2

In a recent announcement on Twitter, Binance US’s official Twitter handle revealed new updates regarding USDT.

The exchange enables USDT transfers on Polygon and Avalance networks. Polygon MATIC is an Ethereum Layer-2 scaling solution providing swift transactions at cheaper fees. Avalanche is a Layer One blockchain that serves as a platform for decentralized apps and bespoke blockchain networks.

Users will be able to transfer USDT from ETH, MATIC, and AVAX after the integration, among other networks.

However, USDT transfers on the Polygon and Avalanche networks are already supported by the global Binance exchange. ETH, TRX, AVAX, XTZ, BSC, BNB, and SOL are currently supported.

The USD Coin [USDC], USDP Stablecoin [USDP], and TrueUSD [TUSD] trading services will be halted, according to a statement made on September 5 by the Changpeng Zhao-led exchange.

If customers held these assets past the deadline, according to Binance, the exchange would convert them to BUSD. But this surprised a lot of people. But according to the exchange, the conversion will increase its customers’ capital efficiency and liquidity.

The merging of the Avalanche and Polygon networks for BUSD was just revealed. Users will be able to move BUSD between numerous chains after the integration, including Ethereum [ETH] and BNB Chain in addition to the ones already mentioned.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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