Binance Sets to Issue BUSD on Syscoin Network
Popular cryptocurrency exchange, Binance has revealed plans to issue its stable coin, BUSD on the Syscoin Platform. Following a partnership with Blockchain Foundry Inc. – the firm behind the Syscoin blockchain, the exchange will explore the use of the Syscoin Ethereum Bridge.
The bridge which was developed by Blockchain Foundry will allow users who hold BUSD tokens to move their digital assets between the Ethereum and Syscoin blockchains. BUSD is a Binance and Paxos-issued stable coin that is pegged 1:1 to the value of the US dollars. The token is approved and regulated by the New York State Department of Financial Services.
According to Dan Wasyluk, CEO of Blockchain Foundry:
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.
Talking about speed and scalability, a third-party audit report by Whiteblock Inc. pegs the burst capacity of the Syscoin network at 60,000 transactions per second (TPS) with a peak value of 140k TPS.
In addition to making BUSD available on the Syscoin network, Blockchain Foundry is also exploring the possibility of rolling out a Bridge as a Service (“BaaS”) product to further enhance the Decentralized Finance space.