Ethereum

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DeBridge

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BNB Chain has launched a new cross-chain bridge to enhance its network’s interoperability, liquidity and user experience.&nbsp;
On Aug. 28, the smart contract blockchain announced that it has collaborated with cross-chain technology providers Celer, deBridge and Stargate to launch the BNB Chain bridge. In addition, BNB Chain will also create a liquidity pool that will allow transfers from other chains to its network.&nbsp;
According to BNB Chain, this is part of its broader efforts to grow its stablecoin ecosystem. With the bridge, users can transfer assets from other blockchains, including stablecoins.&nbsp;
<h2 id="connecting-with-the-broader-defi-market">Connecting with the broader DeFi market</h2>
The BNB Chain team added that the new bridge will also allow the development of a broader range of decentralized finance (DeFi) products and services in its ecosystem. The BNB Chain team believes that integrating advanced cross-chain protocols will boost the capital efficiency of blockchain assets in their network.&nbsp;
DeBridge co-founder Alex Smirnov expressed excitement about having BNB Chain join a “unified DeFi market” with cross-chain transfers. Smirnov added:&nbsp;
<blockquote>
 “Having supported BNB Chain since day one of deBridge, it’s a tremendous honor to be selected as a canonical bridge provider for the official BNB Chain bridge aggregator.”
</blockquote>
Furthermore, BNB Chain also noted that the bridge launch solves a market need for cost-effective cross-chain interoperability services. According to BNB Chain, the collaboration with cross-chain technology providers “strengthens its position in the blockchain market.”&nbsp;
“It is expected to attract more projects to BNB Chain, helping them achieve real business success and reach a larger audience,” BNB Chain wrote.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/maker-sky-usds-stablecoin-criticized-over-freeze-function" rel="noopener noreferrer nofollow" target="null" text="null">Maker, now Sky’s, new stablecoin lashed over ‘freeze function’</a>
<h2 id="competing-in-stablecoin-market-share">Competing in stablecoin market share</h2>
The announcement appears to be an effort by the network to compete with other blockchains regarding stablecoin market share. On Aug. 16, data from Coin Metrics revealed that Ethereum <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tron-network-leads-in-stablecoin-market-share-amid-growing-monthly-transfer-volume" rel="noopener noreferrer nofollow" target="null" text="null">continues to lead</a> in stablecoin market share with $89.7 billion. This represents 55.7% of the total market.&nbsp;&nbsp;
Tron came in second place at $61.1 billion in stablecoin value. This represents 37.9% of the stablecoin market. Meanwhile, the BNB Smart Chain (BSC) only had a market share of about $400 million in the $161.1 billion stablecoin market. This represents a 0.2% market share compared to other networks.&nbsp;
Furthermore, a BNB Chain representative told Cointelegraph that stablecoins remain an important building block for a strong DeFi ecosystem. They said:&nbsp;
<blockquote>
 "As we continue to build a leading DeFi hub on BNB Chain, and expand into payments, we will continue to serve users by offering a diversified set of robust stablecoin options to meet their needs."
</blockquote>
BNB Chain also added that the bridge is also a response to user and developer feedback. “BNB Chain Bridge is a response to user expectations of having a single interface for bridging to BNB Chain," the representative added.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/real-risks-ethena-stablecoin-model-not-ones-you-think/" rel="noopener noreferrer nofollow" target="null" text="null">The real risks to Ethena’s stablecoin model (are not the ones you think)</a>

BNB Chain to grow stablecoin ecosystem with new cross-chain bridge

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Cointelegraph

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