One of the leading Crypto Exchange Binance has determined to issue a new British-pound-pegged-stablecoin under the name BGBP on its native Binance Chain Blockchain.
Twitter user CryptoBatsman found that the listing of “$BGBP” first appeared on the Binance Platform.
CEO of Binance, Changpeng confirmed via a tweet, that a pound stablecoin is in the testing phase with only £200 minted so far.
Before a month, Zhao came under the fire for allegedly posting about potentially rolling back transactions on the exchange after $40 million hack. Zhao apologized for the incident, stating;
“Given how much I talk, I sometimes say the wrong stuff, dirty words like ‘reorg’, for which I apologize. It is my strong view that our constant and transparent communication is what sets us apart from the “old way of doing things”, even and especially in tough times.”
When he was asked about the potential of euro-based stablecoin on Twitter, CZ said that it would be somewhat trickier as the “euro has a negative interest rate”.
Popular Crypto fan CryptoBatsman also found that it is fantastic that Binance moves too fast. He also states that the firm's main token BNB “to skyrocket”.
Discussing the stablecoins, Tether is currently dominating the market with more than 78% of the nearly $4 billion worth of stable-pegged tokens are in circulation today.
One thing to remember, the coins which are backed by the fiat currencies are the most popular stable cryptocurrencies. The US dollar is the most basic fiat currency used as a deposit.
In this process, every token is backed on a 1:1 basis against the actual USD deposited in the bank account. In case a stablecoin holder wants to liquidate its position, the coins will be destroyed and the deposited USD will be paid out.
Apart from Binance, UK pound-pegged stablecoin is the TrueGBP Project, which is currently under the testing phase with just around £1 million issued in ERC-20 tokens on Ethereum. But, this doesn't yet successful at the time, even though there are one million tokens in circulation already.