The Syscoin Foundation today announces the Syscoin’s Ethereum Bridge will be explored and used by Binance’s BUSD as part of a partnership between Binance and Blockchain Foundry. The agreement will enable BUSD, the 1:1 USD-backed stablecoin issued by Binance and Paxos, and approved and regulated by the New York State Department of Financial Services (NYDFS), to be available on the Syscoin network.
The Syscoin platform and Bridge enables fast settlement time, low-cost transactions and unmatched transactional throughput. BUSD will use the Syscoin Platform Token ("SPT") model and many of its unique features to facilitate the use of BUSD and drive massive adoption.
Developed by Blockchain Foundry, Syscoin Bridge serves as a hub to connect key components of the DeFi ecosystem. The bridge enables ERC-20 tokens to move back and forth between the Syscoin and Ethereum blockchains. Powered by a series of Ethereum smart contracts and SPV (Simple Payment Verification), the bridge is trust-minimized, removing the need for counterparties, and has no liquidity limitations.
By leveraging blockchain interoperability bridges, ERC-20 stablecoin projects can substantially reduce transaction costs and improve speed. Estimates show Ethereum projects could save their users thousands of dollars by reducing costs with the Syscoin blockchain.