Binance Will Launch Its Own StableCoin Within Two Months
Leading Cryptocurrency Exchange Binance is soon going to issue its own stablecoin in the upcoming months as per reported by Bloomberg on 5th of June.
The current Binance’s Financial Chief Officer Wei Zhou addressed Bloomberg that the Exchange will start issuing its own stable coin Currency in a few months or so with a sole goal of making the stablecoin reach out and available to more of the world’s currencies.
The Stablecoin is one of the first Currency by the Exchange dubbed as “Binance GBP” will be 100% pegged to the British Pound. Zhou also revealed that Binance will make money off it in Fiat deposit just like that of Tether(USDT) does.
Apart from the current announcement of Binance GBP the firm is also observed planning for an array of various other stablecoin which would reportedly be backed by other Currencies taking exception with the U.S Dollar.
Seeing Zhou’s explanation over this idea of the firm he said that “from the users’ perspective, only certain portions of the world use the dollar. Other users use other currencies, and we feel it should be reflected in stablecoins as well.”
Binance’s Native Stablecoin will also reduce the market share of the well Known Tether(USDT) by about 50% in terms of Exchange volume as per the assumptions made by Zhou.
This Current action of the introduction of new Stablecoin came into notice back on 4th of June when Twitter user CryptoBatman noticed a new listing of “$BGBP” that appeared over the Binance platform.
To this, the CEO Changpeng Zhao commented that the pound Stablecoin coin is still in it’s testing phase with only £200 minted.
