Binance starts testing a new GBP-pegged stablecoin on Binance Chain

advertisement

Binance has announced it is working on a new GBP-backed stablecoin. While the new asset appears to be available on Binance Chain, Binance CEO Changpeng Zhao has confirmed it is still in in the testing phase and only £200 worth of the token have been issued so far.

"$BGBP which we are currently testing and will launch in the future is an effort to diversify the stablecoin assets offered in the ecosystem. In line with Binance's mission, we would like to provide users with more freedom of choice,” Binance’s CFO Wei Zhou stated at FinTech conference Money 20/20 Europe on Tuesday. 

To date, the only other GBP-backed stablecoins are the TrueGBP project and eToro's GBP stablecoin product, both of which are early in the issuance cycle.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

REVOLUTIONARY ONE-CLICK-TO-FARM DEFI PLATFORM, DEFIATO, PAVES THE WAY IN CEDEFI

With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians. 
Read Full Story
Sponsored Post

NYC mayor Eric Adams receives first paycheck in the form of BTC and ETH

Eric Adams, the mayor of New York City, made good on a previous pledge by receiving via automatic conversion his first paycheck in the form of cryptocurrency. According to a Thursday morning statement from the mayor’s office, Adams’ paycheck was converted into BTC and ETH.  “New York is the center of the world, and we […]
Read Full Story
Jan 20, 2022, 3:23PM UTC