BNB Chain, a community-driven blockchain ecosystem, has announced an update in partnership with major centralized exchanges CEXs to enhance stablecoin payments through gasless transactions.
The initiative, unveiled on September 18, is designed to enhance the accessibility, speed, and affordability of stablecoin payments with the chain’s objective of simplifying daily crypto transactions.
Gala Wen, the director of ecosystem development at BNB Chain, stated that the company aims to establish a “gas-free transaction experience” by collaborating with “CEXs, wallet providers, and bridges.”
Transaction implications for stablecoin
The new initiative introduces gasless transfer for Tether, Circle USD (USDC), and First Digital USD (FDUSD) to establish fee-free transfers supporting crypto adoption.
The development will include partnerships with centralized crypto exchanges (CEXs) such as Gate.io and Binance, as indicated in a press release shared with Cointelegraph.
Wen declared that the initiative’s objective is to “simplify and expand the use of stablecoins” to incorporate them “into daily life” and help the BNB Chain achieve its aim of “widespread Web3 adoption.”
Support for wallets and bridges
Additionally, the stablecoin initiative seeks to enhance user access to gasless transactions by enhancing wallet and cross-chain bridge support and supporting CEXs.
The press release disclosed that the gasless solution has been integrated into Bitget Wallet and SafePal, with Binance Web3 Wallet and Trust Wallet anticipated to join the roster soon.
The press release states the initiative’s partnerships with bridge providers such as Celer will “enable zero-fee transfers and superior liquidity” to facilitate cross-chain asset movement.
Implications of the MiCA stablecoin
The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework took effect on June 30, but it will apply to crypto-asset service providers (CASPS) starting December 30.
Upon completing the EU regulatory framework in December, CASPs, encompassing crypto exchanges, wallet providers, and crypto-related services, will be subject to regulatory scrutiny.
Wen clarified that BNB Chain prioritizes transaction efficacy over stablecoin issuance or management when discussing the implications of this for the initiative.
