Binance Releasing the British Pound StableCoin
Binance, one of the most known cryptocurrency exchanges worldwide, has announced that ’they’re testing a new version of StableCoin. The British Pound StableCoin is backing this new version of the coin through their blockchain exchange. The new currency is currently in its testing phase, with the launch date planned within six months.
The CEO of Binance took to Twitter by posting a photograph indicating that the Binance Exchange would be receiving a new currency updated with the BGPB/SC Currency pair. Mr Zhao also commented on his tweet, saying: “GBP StableCoin still in the testing phase, only £200 minted so far. We will get there, slowly but surely.”
The Euro StableCoin
During Binance’s announcement on the British Pound StableCoin, Mr Zhao was asked on a Euro backed StableCoin. However, this was quickly shut down as an option due to the negative interest rates that follow alongside the Euro. This means that the only Euro-backed StableCoin still available is Tether.
Tether currently maintains 78% of the USD 4 Billion being circulated with pegged coins. It is the most widely used StableCoin in existence, with Binance always trying to fight back. Binance will also have to fight with their GBP StableCoin due to another coin called “TrueGBP” being in its testing phases as well. Additionally, this upcoming cryptocurrency coin has already received the backing of the EthereumBlockchain.
Currently, Binance has several StableCoin offerings to their clients. The BGBP/SC pairing will bring that number up to eight. This crypto exchange operates on average, USD 2.4 Billion a day in trading volumes.