According to the site of Cardanoscan blockchain explorer, users on Cardano will be able to use Binance’s stablecoin, BUSD, without switching networks thanks to the bridge built by Finitum.
The token’s page suggests that fmBUSD is the new token on the network, wrapped into a Cardano native token by Finitum Bridge. Thanks to the solution, users on Cardano will no longer need to switch their network in order to use Binance’s cryptocurrency.
The bridge is publicly available and, according to the blockchain explorer, transactions are already going through, and users can start using the bridge on the official Finitum website. At the same time, it is important to evaluate all the risks, even though Finitum is actively used by the biggest pools on the network.
If you are willing to get exposure to Binance’s stablecoin, the safest way is to buy them on the official exchanges, without using any bridges, which is not the most convenient solution out there.
Cardano’s fundamental growth
The appearance of Binance’s stablecoin on Cardano is an important sign of intensifying the adoption of Cardano, which has been falling behind the industry during the blossoming of DeFi. If the current market recovery proceeds, Cardano will be able to capitalize on it thanks to the enormous development activity that became fuel for the growth of DeFi on Cardano.
Since 2017, Cardano has been steadily holding its place in the top 10 of the cryptocurrency market, successfully marking itself as the classic of the cryptocurrency industry, which has outlived numerous “Ethereum killers” and “revolutionary” projects that claimed to be the next Bitcoin or change the industry completely.