Binance Exchange is Testing Its Own Stablecoin On Its Native Chain

The leading digital currency exchange in the world, Binance, is apparently about to launch its very own stablecoin. This stablecoin will be tied to the British Pound and not the United States Dollars, which has been quite a popular choice of the other stablecoins present in the market so far.

The news was brought to light by a huge crypto fan and investor called CryptosBatman through his Twitter account via a tweet dated 3rd June 2019.

The fan not only noticed the issuance of BGBP on the Binance Chain but also shared his excitement over how rapidly Binance is moving ahead. The move might skyrocket the prices of BNB; he said, stating his expectations.

CZ (Changpeng Zhao), who leads Binance as the CEO, also came forward to leave his comments on this tweet. In his reply, CZ has confirmed that their stablecoin is still in the testing stage on the network wherein they have minted coins of just £200.

Zhao was also asked on Twitter whether they will launch a stablecoin backed by Euro in the future. His response indicated that it might not be happening anytime soon as the Euros have an interest rate that is quite negative so that it would make the task a bit trickier.

Incidentally, CryptosBatman had expressed his opinions in a tweet dated 1st May 2019 saying that, if Binance decided to come up with their own stablecoin in the market, then it would undoubtedly emerge as one of the most important tokens available on the decentralized Binance Chain. Continuing further, he said Binance’s stablecoin would not only boost the network usage but would significantly elevate BNB’s (Binance Coin) utility as well.

Though Zhao did not provide much information about Binance’s future move at that time, he did respond saying that be careful about what you wish for. Now exactly after a month, Binance is testing BGBP, which seems CZ’s reply was more like a hint towards their stablecoin endeavor.

It must be noted that the beginning of the month saw Binance launching a new crypto exchange named Binance Jersey, dedicatedly targeted at the markets of Europe and the UK. The exchange supports both the Pound and the Euro.

At the time of writing, BNB, which is the 7th biggest digital currency, was being traded at 30.61 USD as per CoinMarketCap data.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button