Barely a month after Binance CEO, Changpeng Zhao (CZ) hinted on the possible launch of a stablecoin, the cryptocurrency exchange behemoth is now testing a GBP-backed stablecoin asset on its Binance Chain.
The development was made public by a Twitter user CryptosBatman yesterday, who highlighted the speed at which the exchange was moving in order to launch its own stablecoin:
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! pic.twitter.com/FAEdvMG2tF
— CryptosBatman (@CryptosBatman) June 3, 2019
CZ responded: “This is in testing phase still, only £200 minted so far. Slowly, but surely.”
Binance already has a number of stablecoin assets being utilized on its centralized exchange, to include USDT, USDC, PAX, TUSD, and USDS; with each of them seeming backed by the US-dollar. Although a few crypto enthusiasts have expressed their mixed feeling about the GBP-backed stablecoin, Binance would, however, be in tune with a few others who are staking an investment in the pound-backed stablecoin, along with TrustToken and London Block Exchange, despite the not so much interest in the asset class when compared to its counterpart USD stablecoin classes.
Binance had just launched its own blockchain and its DEX has begun seeing a host of new and ported cryptocurrency assets being launched on the platform for trading. With the testing of the GBP-backed stablecoin – which seems like a positive move for the exchange as well as the industry as a whole, the more interesting outlook would be if the stablecoin would gain enough traction considering that the versions done by its supposed competitors aren’t as functional as those of the USD-backed stablecoins.
However, Binance’s abilities are not one to be doubted as the exchange has pulled some stunning results – bucking the trend – since its launch during the bear market of 2018. One of its noticeable performance is the steady rise in the price of its platform’s coin BNB despite the recent hack that occurred on the exchange. The BNB coin currently trades above its all-time high in 2018, making it the only cryptocurrency trading above its 2018 all-time high value.
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