Poloniex exchange has announced Binance Coin (BNB) & Binance USD (BUSD) stablecoin to be available for trading on the veteran exchange.
As of writing these lines, BNB & BUSD wallets are now open for deposits, and users can trade BNB/USDT, BNB/TRX, BUSD/USDT, BNB/BUSD, BTC/BUSD, and BTC/BNB. Notably, this will be the first BNB/TRX pair outside of Binance. Did anyone say Justin Sun?
BUSD and BNB’s Rise In Popularity
BUSD is a Price-stable, USD-pegged digital asset that was launched in partnership with Paxos as an NYDFS approved and regulated stablecoin.
It has seen widespread adoption and became a top 50 market capitalization coin. The stablecoin also allows for the lowest interest rate for borrowing on Binance Margin Trading and is an asset for cross collateral on Binance Futures.
BNB, on the other hand, is a prime example of an exchange token that has found a broader audience by listing on other exchanges such as BKEX, BitMax, and BitZ. BNB is a top 10 cryptocurrency in terms of market capitalization and can be viewed as the most successful exchange token.
The Rise of Poloniex
Poloniex is currently ranked at the 22nd spot in terms of trading volume for cryptocurrency exchange on CoinMarketCap, with an average daily volume of $40-45 million and 164 trading pairs, after adding the BNB and BUSD pairs.
The veteran exchange, initially launched in January 2014, was acquired by a syndicate of Asian investors possibly related to Justin Sun, founder of TRON last year from Circle.
Circle had previously acquired Poloniex for more than $400M two years prior. Poloniex has since skyrocketed in terms of volume, especially after listing more trading pairs and closing registrations to U.S. residents and citizens. Poloniex listed TRX as one of the first new assets on the exchange following the acquisition. Justin Sun’s close relationship with CZ may also have paved the way for the BNB and BUSD listings.
CoinMarketCap has released new rankings for trading pairs that take into account the visitor traffic of various exchanges to show a confidence level as to the stated liquidity or volume of any trading pair. Currently, Circle’s stablecoin (USDC) pairs BTC/USDC and ETH/USDC are some of the most popular pairs on Poloniex with a “high” confidence level in terms of real liquidity. The launching of an alternative stablecoin to USDC in BUSD may signal Poloniex’s final departure from its affiliation with Circle post-acquisition.
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