With a new wave of volatility hitting the crypto market as Bitcoin (BTC) makes its way toward $10,000, Binance is reportedly testing out their new stablecoin, the Binance GBP.
According to a recent tweet by CryptosBatman, the stablecoin is currently listed as an asset on the Binance Chain under the symbol BGBP.
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
In response to the tweet, Binance CEO Changpeng “CZ” Zhao stated, “This is in testing phase still, only £200 minted so far. Slowly, but surely…”
In similar but unrelated news, it was also revealed this morning that the Binance Chain’s first third-party stablecoin, USDS.B, has been issued on the Binance DEX.
Boom! Welcome the first stable coin @StablyCoin on @binance_dex. And it is not operated by Binance. Early adopters usually rip big benefits when the adopted platform/technology works out. https://t.co/q13n4eupEv
— CZ Binance (@cz_binance) June 3, 2019
This news comes just a week after Fantom (FTM), a Directed Acyclic Graph (DAG) based smart contract platform that aims to solve the scalability issues of distributed ledger technologies, joined the Binance Chain ecosystem.
While Binance’s new stablecoin is very much in its early days, it’s clear that investors hoping to store their assets without volatility are about to gain a significant alternative to the current stablecoin standards, including Bitfinex’s controversial stablecoin, Tether (USDT).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.