The Naira Token Stablecoin (NGNT) Goes Live on the Binance Smart Chain and Gets Backed 1:1 by BUSD Stablecoin

The Nigerian Naira token stablecoin (NGNT) has announced that it is now live on the Binance Smart Chain and is backed by the BUSD stablecoin.

This comes just after announcing that the NGNT is backed 1 to 1 with USDC, a leading digital dollar stablecoin that is currently available on a various smart contract platforms, most notably Ethereum, Algorand, Stellar, and Solana.

NGNT has seen its usage grow following the directive by the Central Bank of Nigeria (CBN) to all banks and deposit-taking institutions to close crypto exchange and personal accounts known to transact in crypto.

This move now means that NGNT is supported by two platforms – the USDC ecosystem and the Binance Smart Chain. The Binance Smart Chain (BSC) has started to rival the Ethereum ecosystem on some key network numbers. Recently, BSC surpassed Ethereum in daily transactions, largely fueled by a few dapps (decentralized applications) as Ethereum’s high fees drive away some users into this low-fee ecosystem.

The growth of BSC has seen a lot of action on the network, notably the BSC-based decentralized exchanges (DEX), PancakeSwap and OpenOcean.

The move to integrate NGNT onto BSC now means that the stablecoin is likely going to be available across the BSC ecosystem, including DEX outfits like PancakeSwap, giving it a much wider acceptance in the crypto space.