Binance tests British pound stablecoin

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Binance, the major exchange is allegedly testing a British pound (GBP) stablecoin on its native blockchain, according to a post spotted on Twitter, says Cointelegraph.

Twitter user CryptosBatman noticed that the listing “$BGBP” appeared on the Binance platform. He or she wrote: “BIG NEWS!

It looks like @Binance has issued their Stable Coin $BGBP on Binance Chain!

It’s incredible how fast Binance moves. I can’t say enough how big this is for Binance and Binance Chain.

Expect $BNB to skyrocket from here!”

Binance’s CEO Changpeng Zhao has commented on the tweet, confirming that a pound stablecoin is in the testing phase, with only £200 minted.

Binance has come under fire in recent weeks following the $40 million hack at the exchange. The community was outraged when Zhao posted about potentially rolling back transactions. Zhao subsequently apologized for this saying: “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.”

It has also been criticized for blocking the access to its newly launched decentralized crypto exchange Binance DEX for the traders based in 29 countries including the United States.

However, we know little more about the GBP stablecoin, other than Binance is now eying on the lucrative market for stablecoins.

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