Binance integrates BUSD stablecoin with IoTeX

Binance has announced the integration of its stablecoin BUSD with internet of things blockchain platform IoTeX. 

According to the press release by Binance, BUSD will be integrated to IoTeX providing greater capabilities to the stablecoin in the Internet of Things sector. 

This integration will be performed using ioTube, a bridge platform between the IoTeX blockchain and Ethereum, to allow the use of BUSD ERC-20 tokens within the IoTeX chain.

With this, any user with BUSD will be able to convert your BUSD ERC-20 tokens into ioBUSD tokens within the IoTeX chain as well as convert it back to its original form guaranteeing complete Interoperability between both blockchains. 

Furthermore, BUSD will also be integrated into IoTeX wallet, ioPay why dApps developers would be able to design products related to IoT. 

The rise of stablecoins

Since Bitcoin gained immense popularity after its massive rally in 2017. Cryptocurrencies have gained fame as extremely volatile financial assets. 

The sudden increase and collapse in  its price has kept many potential crypto users from entering the market. 

This was the major reason for the introduction of stablecoin as unlike other crypto assets, their value is not subject to speculation bit backed by a reserve fund of another financial asset. 

Most of these assets are pegged to stable fiat currencies like the dollar, euro and pound. Also precious metals such as gold and silver are used. 

Thanks to the stability achieved with this method stablecoins like Tether (USDT) and BUSD have gained importance in the crypto market. 

This partnership with IoTeX is a great one for Binance as it looks to increase in adoption.