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Binance [BNB] is testing the stability of the first stablecoin backed by the British pound in its Binance chain

Popular cryptocurrency exchange Binance is in the process of launching a UK-fiat currency backed stablecoin in the Binance Chain platform according to a tweet from the exchange’s CEO Changpeng Zhao (CZ) on Monday, June 3rd.

His response to a comment made by a pseudonymous Twitter user who commented on his page that he had noticed the asset Binance GBP Stable Coin [BGBP] listed in the Binance DEX. The user wrote,

“It looks like @Binance has issued their Stable Coin $BGBP on Binance Chain! It’s incredible how fast Binance moves. I can’t say enough how big this is for Binance and Binance Chain. Expect $BNB to skyrocket from here!”

CZ replied on the above thread saying that ,

“This is in testing phase still, only £200 minted so far. Slowly, but surely…”

On Sunday, CZ replied to a comment by another pseudonymous user who was requesting a US Dollar-pegged stablecoin on the Binance Chain asking the user “How about a GBP backed?” “Euro Please,” wrote another to which CZ replied, “Euro has a negative interest rate, which makes it a little trickier.” So I guess we won’t be seeing any Euro-backed stablecoin on the Binance Chain (at least backed by Binance itself) anytime soon.

The launch of the GBP-backed stablecoin on the Binance Chain comes on the heels of the launch of the very first stablecoin on the Binance Chain, the StableUSD (USDS) developed by Stably, a venture-capital backed startup. CZ announced the news on Twitter saying,

“Boom! Welcome the first stable coin @StablyCoin on @binance_dex. And it is not operated by Binance. Early adopters usually rip big benefits when the adopted platform/technology works out.” Stably penned a blog post about the launch on Monday reiterating CZ’s comment. “Stably issues USDS.B, the first stablecoin to be launched on Binance Chain, becoming one of the fastest major stablecoins on the market,” the post stated.

StableUSD (USDS) developed by Stably

The USDS token will be compliant with the BEP2 token standard as all tokens issued on the Binance chain have and will in the future. Mahraan Qadir, Director of Product Management at Stably and author of the blog post expressed his enthusiasm about launching the very first stablecoin on the Binance Chain saying that,

“USDS.B is the first stablecoin in the world to be issued on Binance Chain. We are very excited to bring our transparent and easy-to-use stablecoin to the Binance Chain ecosystem.”

Alexis Von Loh
Alexis Von Loh
Alexis is the Chief Editor of Crypto Economy, is responsible for reviewing articles, training new editors and implementing new strategies to the editorial team. She arrived in the world of cryptocurrencies in January 2017 and since then has not stopped training and studying about the sector, blockchain and the new projects that appear.
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