Forex and Crypto News

Binance will launch its own stablecoin soon

11:55 10 June /2019

Binance Crypto Exchange has confirmed that it will soon launch its own stable coin. In a telephone interview for Bloomberg, Binance Chief Financial Officer Wei Zhou said that the token would be launched "in the coming weeks or months."

Previously it was reported the future launch of the stable coin, although the date of launch wasn’t determined. The coin will be secured by the British pound (GBP) and will be called Binance GBP (or BGBP). In addition, in the near future, Binance plans to issue stablecoins, secured by other currencies. However, it is interesting that the company is not planning to issue the stablecoin, secured by the US dollar. Zhou explains this by the importance of linking other fiat currencies to the stablecoin, not just the US dollar:

“The dollar is not used everywhere when viewed from the user's point of view. There are many who use other currencies, and we believe that this should be reflected in stablecoins.”

It should be noted, while USDT (Tether) remains one of the most popular stablecoins. However, the recent scandal around Bitfinex could seriously shake the position of this stable coin.

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