Binance to integrate BUSD stablecoin on the Elrond Network

Binance has announced plans to integrate its BUSD stablecoin with the Elrond Network once it goes live. The crypto exchange is looking to expand the number of BUSD holders and application listings by turning to networks beyond Binance Chain and Ethereum.

Why it matters:

• Binance is strategically targeting a new network so that BUSD can become the dominant stablecoin by default. Success, in this case, is entirely dependent on the ability of Elrond to attract developers and grow its application ecosystem, which is a difficult task within a highly competitive smart contract market.
• For Elrond, the integration makes sense from an adoption perspective. Users have shown an affinity for price-stable assets, as indicated by the recent explosion in the issuance of stablecoins. Thus new smart contract platforms like Elrond need a stablecoin offering to attract and retain users. Other emerging networks have made similar moves as of late, including Solana (partnership with Terra) and Algorand (integration with Tether).