BNB Chain has announced a significant update to its stablecoin infrastructure. The blockchain ecosystem is introducing gasless transactions for major stablecoins. This move aims to make crypto payments more accessible and cost-effective.
The initiative was unveiled on September 18. It focuses on three major stablecoins: Tether (USDT), Circle USD (USDC), and First Digital USD (FDUSD).
Users will be able to transfer these stablecoins without paying gas fees.
Gala Wen, director of ecosystem development at BNB Chain, spoke to Cointelegraph about the initiative. "We're partnering with CEXs, wallet providers, and bridges to create a gas-free transaction experience," Wen said. The goal is to simplify everyday crypto transactions.
The project involves collaborations with major centralized exchanges (CEXs). Binance and Gate.io are among the partners. These partnerships are crucial for the initiative's success.
Wen emphasized the broader implications of this move. "We aim to simplify and expand the use of stablecoins," she stated. The ultimate goal is to integrate stablecoins into daily life.
This aligns with BNB Chain's mission of promoting widespread Web3 adoption.
The initiative extends beyond exchanges, it also focuses on improving wallet and cross-chain bridge support. This comprehensive approach aims to enhance user access to gasless transactions.
Several wallets have already integrated the gasless solution, Bitget Wallet and SafePal are among the early adopters. Binance Web3 Wallet and Trust Wallet are expected to join soon.
Cross-chain functionality is another key aspect of the initiative. BNB Chain is collaborating with bridge providers like Celer, this partnership aims to enable zero-fee transfers across different blockchains. It also seeks to improve liquidity for cross-chain asset movements.
The timing of this initiative is significant. The European Union's Markets in Crypto-Assets Regulation (MiCA) framework is set to fully apply to crypto-asset service providers from December 30. This regulatory change will affect exchanges, wallet providers, and other crypto-related services.
Wen addressed the regulatory implications. She clarified that BNB Chain's focus is on maximizing transaction efficiency. The chain is not involved in issuing or managing stablecoins. This distinction is important in the context of upcoming regulatory scrutiny.