SafePal and Bitget have already integrated the BNB Chain gasless solution, with additional support from the Binance Web 3 Wallet and Trust Wallet expected soon.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Community-driven blockchain ecosystem BNB Chain has recently announced an update in order to improve the stablecoin infrastructure using gasless transactions. Revealed earlier today, September 18, this initiative focuses on making stablecoin payments more accessible, faster, and cheaper.
Besides, this initiative focuses on keeping up with the chain’s larger goal of simplifying everyday crypto transactions. Gala Wen, director of ecosystem development at BNB Chain, said that this initiative of gas-free stablecoin transfers seeks to boost crypto adoption by simplifying transfers.
Furthermore, this initiative will initially support free transfers to Circle USD USDC $1.00 24h volatility: 0.0% Market cap: $62.08 B Vol. 24h: $7.60 B , Tether USDT $1.00 24h volatility: 0.0% Market cap: $146.06 B Vol. 24h: $32.96 B , and First Digital USD FDUSD $1.00 24h volatility: 0.3% Market cap: $1.52 B Vol. 24h: $3.09 B . The press release further shows that the program involves key partnerships with centralized exchanges (CEXs) like Gate.io and Binance, along with other wallet providers and bridges.
Wen explained that the goal is to “simplify and expand the use of stablecoins” and integrate them into “daily life”, furthering BNB Chain’s mission of promoting widespread Web3 adoption.
As said, along with supporting the centralized exchanges (CEXs), the stablecoin initiative will boost the wallet and cross-chain bridge support thereby enhancing greater user access to gasless transactions.
As per the press release, SafePal and Bitget have already integrated the gasless solution, with the Binance Web 3 Wallet and Trust wallet likely to join very soon. It also revealed the initiative’s collaborations with different bridge providers like Celer to enable “zero-fee transfers and superior liquidity” and thus simplify the cross-chain asset movement.
The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework officially came into force on June 30, with full implementation set for December 30.
Once fully in effect, the MiCA framework will subject crypto-asset service providers (CASPs), such as exchanges, wallet providers, and other crypto-related services, to regulatory oversight.
Taking about the implications of MiCA for the BNB Chain stablecoin initiative, Wen said that the Chain will focus on maximizing transaction efficiency “rather than issuing or managing stablecoins.”
BNB BNB $608.6 24h volatility: 0.6% Market cap: $88.79 B Vol. 24h: $802.95 M , the native cryptocurrency of the BNB Chain ecosystem has seen some bullish momentum building up gaining over 6% over the past week and currently consolidating around $541 levels.
One of the reasons behind the renewed investor interest in these altcoins is the scheduled release of Binance founder Changpeng Zhao ahead on September 29. Also, the announcement of Fed rate cuts later today could be another catalyst to drive the BNB price action.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
