Binance is ready to launch a Pound-based stablecoin

Many major crypto exchanges are now focusing on the development of stablecoins.
The cryptocurrency exchange creates a stablecoin pegged to the British currency (GBP) on its Blockchain.

Tanya Abrosimova Independent Analyst

Changpeng Zhao, the founder and the CEO of Binance, confirmed the news in his Twitter account on Monday. He also added that the coin is still in the testing phase, though the project's dev team is moving ahead at a steady pace.

"This is in testing phase still, only £200 minted so far. Slowly, but surely…" he wrote.

A Twitter user CryptosBatman was the first to notice the new stablecoin with a ticker BGBP on Binance platform.

"It looks like @Binance has issued their Stable Coin $BGBP on Binance Chain! It's incredible how fast Binance moves. I can't say enough how big this is for Binance and Binance Chain. Expect $BNB to skyrocket from here!" he tweeted.

Apart from that, Binance launched another stablecoin USDS.B on its platform. USDS.B is a coin based on BEP standard and pegged to USD. Commenting on the news, Zhao emphasized that the exchange neither control nor operate the new asset.

"Boom! Welcome the first stable coin @StablyCoin on @binance_dex. And it is not operated by Binance. Early adopters usually rip big benefits when the adopted platform/technology works out."

Binance, the world's largest cryptocurrency exchange by trading volumes, is another platform that seeks to benefit from the lucrative stablecoins market. These assets allow to bypass strict regulatory requirements on crypto to fiat trading and mitigate the volatility of digital assets.

Author

Tanya Abrosimova

Independent Analyst

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