The Naira token stablecoin, NGNT, announced today that it would go live on the Binance Smart Chain (BSC). Meanwhile, the BUSD stablecoin will back the Naira token stablecoin (NGNT) on BSC.
This announcement follows the previous news that USDC will back NGNT by a 1 to 1 ratio. Likewise, USDC is a digital stablecoin majorly available on Ethereum, Stellar, Solana, and Algorand smart contract platforms.
Since the Central Bank of Nigeria’s love letter’s release, NGNT has seen a growth in its usage. Remember, CBN recently directed all banks and neobanks to close accounts of Nigerians transacting in crypto.
The USDC ecosystem and Binance Smart Chain is in support of the recent integration of NGNT. Meanwhile, Binance Smart Chain is gradually becoming a competitor of the Ethereum network. Due to the extravagant gas fees of Ethereum, several projects are migrating to Binance Smart Chain. Of recent, daily transactions on BSC surpassed Ethereum, and this growth will continue to improve.
Likewise, decentralized exchanges are fueling the actions on the BSC network— DEX like OpeanOcean and PancakeSwap. The integration of NGNT into BSC also means the stablecoin will be accessible on BSC DEXes. Therefore, very soon, there will be a wider acceptance of NGNT in the crypto space.