KEY FACT: BNB Chain has introduced gasless stablecoin payments as part of its latest update to enhance the use of stablecoins in everyday transactions. The initiative allows users to transfer stablecoins such as Tether (USDT), Circle USD (USDC), and First Digital USD (FDUSD) without incurring transaction fees. BNB Chain has partnered with centralized exchanges (CEXs) like Binance and Gate.io, as well as wallet providers and cross-chain bridges to simplify and expand stablecoin adoption while supporting Web3 integration and improving cross-chain liquidity.
Image Source: CryptoEconomy. Logo: BNB, Stablecoins
BNB Chain Launches Gasless Stablecoin Payment Initiative
BNB Chain, a community-driven blockchain ecosystem, has partnered with major Centralized Exchanges (CEXs) and wallets to introduce gasless stablecoin payments. BNB Chain announced this development on X platform on September 18, 2024, hinting that the initiative is a giant leap in connecting Web2 and Web3 and will enhance cross-chain liquidity. The initiative also hopes to make stablecoin payments more accessible, faster, and cheaper, keeping with the chain’s goal of simplifying everyday crypto transactions. The post read in part thus:
We've taken a giant leap in connecting Web2 & Web3.
Our mission: onboard the next billion Web3 users
How we’re doing this: supercharge stablecoin payments—faster, cheaper, and within everyone's reach.
Wallet providers, payment gateways, and merchants, let's shape the future of stablecoins together... Source
The initiative is designed in four categories, including (1) Gasless Transfers on CEXs, (2) Enhanced Wallet Support, (3) Free and Easy Cross-Chain Transfers, and (4) Real-Life Payment Integration. According to the announcement, the development will feature partnerships with centralized crypto exchanges (CEXs) like Binance, Trust Wallet, Gate.io, Bitget, MEXC, SafePal, and HTX. Bitget Wallet and SafePal have already integrated the solution, with Binance Web3 Wallet and Trust Wallet to follow soon.
To achieve real-life everyday payment integration, BNB Chain is partnering with AlchemyPay, oobit, PayMuggle, NOWPayments_io, and LunuSolutions. Users will be able to buy coffee with stablecoins. This is hoped to make crypto transactions more practical and affordable.
Source: BNB Chain on X
BNB Chain plans to fast-track stablecoin payments, tokenize real-world assets, and make cryptocurrency as user-friendly as cash, all to bring the next billion users into Web3. The chain hopes to celebrate the initiative launch with a "Gasless Carnival Season" billed to start on September 19, 2024.
During the carnival, users can withdraw stablecoins from Binance, Bitget, Gate.io, MEXC, and HTX to BSC and opBNB without fees. The Gasless Carnival. The chain also announced that it has covered gas fees for transfers via Bitget Wallet and Safepal to the tune of $25,000 as well as $50,000 for gas-free cross-chain transfers through Celer.
Speaking on the development, Gala Wen, Director of Ecosystem Development at BNB Chain, harped that partnering with “CEXs, wallet providers, and bridges,” will help the firm to create a “gas-free transaction experience.” This means that users can transfer stablecoins like Tether, Circle USD (USDC), and First Digital USD (FDUSD) without gas fees.
Wen added that BNB Chain focuses on maximizing transaction efficiency and not issuing or managing stablecoins. He emphasized that the initiative is to deepen, "simplify, and expand the use of stablecoins” to integrate them “into daily life" while advancing the BNB Chain’s goal of “widespread Web3 adoption.”
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