Binance to Reportedly Introduce Its Own Stablecoins ‘Within Two Months’

Leading cryptocurrency exchange Binance will reportedly issue its own stablecoins within two months.

Leading cryptocurrency exchange Binance will reportedly issue its own stablecoins within two months, Bloomberg reported on June 5.

Binance’s Chief Financial Officer, Wei Zhou told Bloomberg that the exchange will start issuing its own stablecoins “in a matter of weeks to a month or two," with the goal to make stablecoins available for more of the world’s currencies.

The exchange’s first stablecoin dubbed “Binance GBP” will reportedly be denominated in and 100% pegged to the British pound. Zhou also revealed that Binance will make money off of interest on fiat deposits, like tether (USDT) does.

Apart from Binance GBP, Binance is reportedly planning to introduce an array of other stablecoins backed by other currencies, with the exception of the U.S. dollar. Explaining the company’s decision, Zhou said that "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."

Binance’s native stablecoins will also purportedly reduce tether’s market share on Binance, which currently represents over 50% of stablecoin volume on the exchange, according to Zhou.

The news about Binance testing a British pound stablecoin initially appeared on June 4, when Twitter user CryptosBatman noticed that the listing “$BGBP” appeared on the Binance platform. Binance CEO Changpeng Zhao subsequently commented on the tweet, confirming that a pound stablecoin is in the testing phase, with only £200 minted.

As reported yesterday, Chinese cryptocurrency exchanges facilitate 60% of all USDT trading globally. Chinese exchanges in 2019 thus far account for over $10 billion in USDT trading. The United States, in contrast, is said to account for only $450 million in USDT traded.

Original Article

COMMENTS

Name

Adoption,2,Altcoin,1,Analysis,498,Bitcoin,1,Bitcoin Scams,2,Blockchain,2,Central Bank,2,Cryptocurrencies,4,Cryptocurrency Exchange,2,Ethereum,3,Government,2,Hyperledger,2,IBM,1,Iran,1,Japan,2,JPMorgan,1,Law,1,Malware,2,Markets,2,News,3270,Payments,1,Press Releases,338,Privacy,1,Quorum,1,Ransomware,2,SBI,1,Scams,2,Software,2,Sponsored,137,USA,1,
ltr
item
CryptoNomus: Binance to Reportedly Introduce Its Own Stablecoins ‘Within Two Months’
Binance to Reportedly Introduce Its Own Stablecoins ‘Within Two Months’
https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9mYTE1OTU5YThlYTczMjYyZjY5YmYzODRjMzkwZjZjNi5qcGc=.jpg
CryptoNomus
https://www.cryptonom.us/2019/06/binance-to-reportedly-introduce-its-own.html
https://www.cryptonom.us/
https://www.cryptonom.us/
https://www.cryptonom.us/2019/06/binance-to-reportedly-introduce-its-own.html
true
4884201149675661183
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy