Binance GBP is the first of the many 100-percent fiat currency-pegged coins to be introduced by the world's largest cryptocurrency exchange.
World’s largest cryptocurrency exchange Binance will launch its own stablecoins within the next two months, according to a Bloomberg report.
Binance Chief Financial Officer Wei Zhou has revealed that they will introduce Binance GBP “in a matter of weeks to a month or two.” Their goal is to provide more stablecoins that are backed by global currencies like the Japanese yen and the euro.
Zhou reportedly said:
“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.”
Binance GBP will be their first low-volatility coin that reportedly will be denominated and fully-backed by the British pound.
Other than Binance GBP, more additional fiat currency-pegged coins will soon join the listing. He, however, disclosed that the company intends to pair their stablecoins with fiat currencies except the US dollar. This move may set the Binance stablecoins apart from Tether (USDT).
Zhou, as pointed out in the said report, shared that Binance will work similarly with how Tether generate money from interest on fiat deposits.
Meanwhile, Binance CEO Chaopeng Zhao confirmed on Twitter the existence of Binance GBP.
Binance’s decision to introduce its own 100-percent fiat-backed coins may pose a threat to Tether.