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

June 4, 2019, 8:18AM EDT

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.

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