Binance launches GBP-backed stablecoin BGBP on Binance Chain


Binance, the largest cryptocurrency exchange in the world and one of these most recognizable names in the space, is looking to step up its game once again. After the launch of its native blockchain, Binance Chain, and their decentralized exchange, Binance DEX, the exchange is all set to introduce a native stablecoin, Binance GBP Stablecoin.

According to a tweet by CryptoBatman, the exchange has already “issued” its stablecoin, rumoured to be backed by the Great Britain pound [GBP], with the rest of his tweet mulling the positive price effect this would have on the exchange’s native cryptocurrency, Binance Coin [BNB]. BNB is currently the seventh largest coin on the market. The tweet read,

Changpeng Zhao, CEO of the exchange, attested to the above tweet and stated that this project is currently in a “testing phase.” He added that only £200 of the stablecoin has been “minted” thus far, but hinted that more will come, “slowly but surely.”

The Binance CEO’s reply read,

Further, as per the explorer page on Binance, the official asset name for the stablecoin is BGBP-CF3, with 200 in supply, as confirmed by CZ. The time stamp on the same indicated that the coin was introduced 2 days and 5 hours ago, based on the recorded date and time.

Binance has been an ardent supporter of the stablecoin movement, currently supporting the likes of Tether [USDT], USDC Coin [USDC], TrueUSD [TUSD], Paxos Standard [PAX] and StableUSD [USDS].

With many in the cryptocurrency community foretelling the implications this will have on Binance Coin, at press time, the native coin was trading in the red. It was recording a 3.28 percent decline against the US Dollar on a 24-hour basis. However, on the back of several adoption implementations on Binance’s part, the coin has skyrocketed by triple-digit figures in 2019 alone.

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