Official: Binance confirms its first stablecoin is coming

04 Jun, 2019
by Jelmer van der Dussen
Breaking News
Official: Binance confirms its first stablecoin is coming

Binance is working on the launch of a new stablecoin. During Money20/20 Europe held in Amsterdam today, CFO Wei Zhou confirmed that a stablecoin that is pegged to the British Pound (GBP) is coming.

The Binance GPB Stable Coin (BGBP), will be issued on Binance Chain and is the first stablecoin to be launched on the cryptocurrency exchange. Plans are to not only role BGBP out on the global Binance exchange, but also on fiat-to-crypto exchange Binance Jersey, where you can trade EUR and GBP against Bitcoin and Ethereum.

During the event in Amsterdam, Zhou said that 'we are in an advanced testing phase and will list BGBP on Binance Jersey in the coming months.'

It's not yet clear when exactly Binance is planning to launch BGPB. Tests are now ongoing. Zhou: "BGBP which we are currently testing and will launch in the future is an effort to diversify the stablecoin assets offered in the ecosystem", the CFO said. "In line with our mission at Binance, we would like to provide users with more stablecoin options and more freedom of choice."

Currently there are 5 stablecoins listed on the global Binance exchange: USDT, PAX, USDS, USDC and TUSD. All of these are pegged to the USD. BGPB will be the first to be backed by BGBP.

On Monday, Binance CEO Changpeng Zhao already hinted at the creation of a GBP pegged stablecoin, after a community member noticed BGBP was being tested on Binance Chain. CZ said: 'This is still in testing phase, only 200 GBP minted so far. Slowly but surely...'

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