Binance releases its stablecoins within two months

Posted 06 June, 2019

The world's leading cryptocurrency exchange, Binance, plans to release its own stable tokens over the next two months. The information was confirmed by the financial director of the exchange, Wei Zhou in a telephone interview.

The main feature of the planned release of the stablecoins will be their tight peg to the national currencies, among which there will be no dollar. According to Zhou, the exchange will begin to issue its own stablecoins “in a matter of weeks to a month or two" in order to make stablecoins available for more world currencies.
The first exchange coin, called the Binance GBP, will be 100% pegged to the British pound. Zhou also said that Binance will earn interest on fiat deposits, as Tether (USDT) practices.
In addition to Binance GBP, Binance plans to present a number of other stablecoins supported by other currencies, with the exception of the US dollar. Explaining the company's decision, Zhou stated:
"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."

According to Zhou, the new stable Binance coins will also reduce the market share of Tether on Binance, which currently accounts for more than 50% of the volume of stablecoins on the stock exchange.

Recall, for the first time, the appearance of a stablecoin pegged to the British pound was reported by a Twitter user on June 4th. The information was then confirmed by the general director of the Changpeng Zhao exchange, who said that test work was underway and that Binance GBP was issued for a total of 200 tints of sterling.

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06 June, 2019 13:00

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