Binance CFO: Stablecoin is Coming!
Henry Chan Jun 08, 2019 01:00
The major cryptocurrency exchange Binance will issue its own first stablecoin called “Binance GBP” “in a matter of weeks to a month or two” as told by Binance CFO Wei Zhou, Bloomberg reported on 5 June.
The major cryptocurrency exchange Binance will issue its own first stablecoin called “Binance GBP” “in a matter of weeks to a month or two” as told by Binance CFO Wei Zhou, Bloomberg reported on 5 June.
“Binance GBP” will be denominated in and pegged to the British pound. Binance also claimed that it will launch a series of stablecoins backed by other fiat currencies except the US dollar. As Zhou said “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, it is expected that the launch of Binance’s stablecoins will steal some of the market share for tether on Binance, where tether is currently accounted for 50% of the stablecoin volume on the exchange.
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