Binance Stablecoins Are Coming ‘Within Two Months’

The leading cryptocurrency exchange Binance is in the latest cryptocurrency news after it announced that it would reportedly issue its own stablecoins within the next two months. The Binance stablecoins are a project that was confirmed on Bloomberg on June 5.

To confirm it, the Chief Financial Officer at Binance, Wei Zhou, told Bloomberg that the exchange will start focusing on issuing stablecoins “in a matter of weeks to a month or two” and has a main goal of making stablecoins available for more of the world’s currencies.

The first stablecoin issued by the exchange is dubbed “Binance GBP” and will reportedly be denominated in and entirely pegged to the British Sterling Pound (GBP). While confirming the Binance stablecoins, Zhou also revealed that Binance will make money off of interest on fiat deposits such as Tether (USDT) does on a regular basis.

The coming altcoin news also show that aside from Binance GBP, the exchange is planning to introduce an array of other stablecoins which will be backed by other currencies, except the US dollar. The company’s decision was fully explained by Zhou, who said that “from the users’ perspective, only certain portions of the world use the dollar. Other users use other currencies, and we feel it should be reflected in stablecoins as well.”

The new native Binance stablecoins will also reportedly reduce Tether’s market share on Binance which is now representing over 50% of the stablecoin volume on the exchange, as Zhou revealed.

As shared by many best cryptocurrency news sites, the news about Binance testing the British pound (GBP) stablecoin first emerged on June 4, when a Twitter user with a handle @CryptosBatman noticed that the listing “$BGBP” appeared on the Binance platform. The CEO of the exchange, Changpeng Zhao, commented on the tweet at the time, confirming that a pound stablecoin is officially in the testing phase and that there are only £200 minted.

As reports in the altcoin news showed yesterday, the Chinese cryptocurrency exchanges are now facilitating 60% of all USDT trading globally. In 2019, the exchanges accounted for over $10 billion in USDT trading. The United States, in contrast to this, is said to account to only $450 million in the USDT traded.