Binance is developing a British pound-pegged digital currency on its proprietary blockchain, the founder and CEO of the exchange Changpeng “CZ” Zhao confirmed on Monday.
The new stablecoin with ticker $BGBP was first noticed by a Twitter user on Binance’s trading platform.
BIG NEWS!
It looks like has issued their Stable Coin 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 to skyrocket from here!
— CryptosBatman ⚡ (@CryptosBatman)
Zhao later confirmed that Binance is indeed working on a stablecoin project. He also detailed that the project is still in its testing phase and only £200 worth Binance GBP stablecoin is minted so far.
This is in testing phase still, only £200 minted so far. Slowly, but surely…
— CZ Binance (@cz_binance)
Binance is one of the largest digital asset exchange on the globe and, per Coinmarketcap.com data, the exchange handled $2.4 billion worth crypto trades in the last 24 hours.
Stablecoins – crypto of the future?
Stablecoins allow the exchanges to bypass strict fiat trading requirements and the base physical asset restricts any wild price swings like Bitcoin or other digital currencies. These coins gained massive popularity in recent years as they provide fiat-like trading experience.
The major exchange is now eying on the lucrative market for stablecoins. A subsidiary of current market leader OKEx recently partnered with US-based crypto custodian Prime Trust and .
Traditional stock exchanges are also diving into the stablecoin market as Swiss exchange SIX recently revealed that it is working on the development of a .
Moreover, authorities in many jurisdictions also see potential in stablecoins. Last month, the governor of the Bank of France revealed that while it is still hostile towards cryptocurrencies.
Meanwhile, Binance recently came under fire as it is blocking the access to its newly launched decentralized crypto exchange Binance DEX for the traders based in 29 countries including the United States.
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