Binance’s BNB Chain introduces free stablecoin transfers from the network to selected centralized exchanges.
The Binance-created BNB Chain announced its gasless stablecoin deposit initiative, which will see it collaborate with numerous partners to ensure stablecoin adoption within its user base. With that, those holding stablecoins on the BNB Chain can transfer their assets to exchanges for free.
The Initiative will initially support three stablecoins—Tether (USDT), USD Coin (USDC), and First Digital USD (FDUSD). Users can move these assets to centralized exchanges (CEXs) for free, including Binance, Bitget, Gate.io, HTX (Huobi), and MEXC. The infrastructure connecting the BNB Chain to these CEXs to facilitate the gasless payments comes from NodeReal. Its MegaFuel solution will handle the gas-free transfers.
Once the initiative begins, BNB Chain users can leverage wallet solutions like SafePay and Bitget Wallet to send their stablecoin value to CEXs. BNB Web3 Wallet and Trust Wallet will follow to join the action.
That’s not it. BNB Chain is also implementing gasless cross-chain stablecoin transfers. It is working with Celer, an interoperability protocol, to effect efficient cross-chain stablecoin movements and maintain deep liquidity.
Will MiCA Affect BNB Chain’s Initiative?
Despite the benefits from BNB Chain’s latest initiative rolling in, many wonder how it will hold up when the European Union’s MiCA (Markets in Crypto Assets) regulations fully kick in at the turn of the year. Exchanges, wallet providers, and a whole host of businesses related to crypto services across the bloc will fall under regulatory oversight.
Nevertheless, BNB Chain being a decentralized ecosystem and facilitating efficient stablecoin transactions, rather than storing the assets or issuing them keeps it away from regulatory scrutiny. Its initiative will continue unaffected. Still, the network has partnered with regulated exchanges, wallet solutions, and other crypto assets service providers (CASPs) to ensure no hassles occur once the zero-fee stablecoin transaction feature is live.
