Binance Chain appears to be considering the launch of its very own stable coin. BGBP, as the cryptocurrency is supposedly touted, is pegged to the British Pound. According to the CEO of Binance, Changpeng Zhao, the stable coin is only in a testing phase, but their intentions seem serious.
Careful What You Wish For
The fact that Binance is working on its very own stable coin doesn’t come as a surprise to those who are following the field closely.
Back at the beginning of May, Twitter user CryptosBatman tweeted that if Binance decides to issue their very own stable coin, it will become one of the most prominent tokens on the Binance Chain, while also increasing the utility of Binance Coin (BNB) and the overall network usage.
At the time, the CEO at Binance, Changpeng Zhao, responded briefly without providing any further comments or explanation. He merely said, “careful what you wish for,” hinting that a stable coin might genuinely be in their plans.
Now, it turns out that it’s precisely what seems to be happening.
BGBP Is Already in Testing Phase
More than a month later, the same Twitter user found out that Binance has actually issued a stable coin on their decentralized exchange, Binance Chain.
It’s incredible how fast Binance moves. I can’t say enough how big this is for Binance and Binance Chain.
— CryptosBatman ⚡ (@CryptosBatman) June 3, 2019
Once again, CZ was quick to respond, this time shedding a lot more clarity than before, leaving no doubt that the world’s leading cryptocurrency exchange has serious intentions of launching its very own stable coin.
“This is in testing phase still, only £200 minted so far. Slowly, but surely…” – Tweeted CZ.
It appears that the stable coin launched by Binance will be pegged to the GBP, unlike the majority of existing ones which are backed by the US dollar.
At the time of this writing, Binance supports several stable coins, including TUSD, USDC, USDS, USDT, and PAX.
Meanwhile, at the time of this writing, Binance Coin (BNB) is recording slight losses of around 3.3 percent on the day. The cryptocurrency is currently trading at $32.41, being the 7th largest one in terms of total market capitalization.
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