Binance Confirms Stablecoin Offering Coming Soon

Binance has confirmed that it will soon be launching its own stablecoin soon. In a phone interview with Bloomberg, Binance’s Chief Financial Officer (CFO), Wei Zhou, said that the token would be launched in a matter of weeks to a month or two.

The stablecoin had previously been reported, though cryptoenthusiasts were unsure as to when it might be launched. Pegged to the Great Britain Pound (GBP), the stablecoin is called the Binance GBP (BGBP), and Binance does plan to issue stablecoins pegged to other fiat currencies soon. However, it does not plan to issue a USD-pegged stablecoin. Zhou said that the plan was to have other fiat currencies pegged to the stablecoin, rather than just the USD,

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.

Tether (USDT) remains one of the more prominent stablecoins, though users have been flocking away from it after the recent investigation by the New York Attorney General’s Office into the finances of Tether and associated exchange Bitfinex.