BUSD Becomes the First Dollar-Backed Stablecoin on the IoTeX Network

BUSD is expanding its use case even further, with its recent listing on the IoTeX Network as its first dollar-backed stablecoin.

This new integration will unleash more use cases for BUSD, this year’s fastest-rising stablecoin, while offering powerful capabilities for IoTeX traders, developers, and users. 

To make this integration possible, IoTeX used ioTube, a new cross-chain bridge between Ethereum and IoTeX, to bridge BUSD’s ERC20-version tokens to the IoTeX Network. The version of BUSD on IoTeX will be called ioBUSD. any user can convert their BUSD to ioBUSD, as well as convert back from ioBUSD to BUSD, in a seamless and automated fashion.

In the future, ioBUSD will be supported by ioPay and other wallets in the IoTeX Network. This will allow IoTeX developers to easily integrate BUSD into their Dapps and allow IoTeX users to spend/receive ioBUSD when using IoTeX products. 

BUSD, which is backed by the world’s largest cryptocurrency exchange and approved by US regulators, provides a transparent and decentralized mechanism for traditional investors and enterprises to engage with and pay for products and services, including IoTeX users. Stablecoins deliver the best of both worlds, offering advantages from both fiat currency and cryptocurrency. 

The team behind BUSD, which recently celebrated its first anniversary, has been exploring various use cases beyond the exchange realm to drive massive adoption. One notable example of this is BUSD foray into decentralized finance (DeFi), like providing liquidity and earning opportunities for several Dapps and other decentralized platforms. Read more about it on this blog.