Binance is testing a stablecoin pegged to the British pound. | Source: Shutterstock; Edited by CCN
The World’s Biggest Crypto Exchange is Testing a British Pound Stablecoin
By CCN: Binance CEO Changpeng Zhao let the cat out of the bag on Twitter late last night: Binance is launching its own stablecoin.
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A user hoped to see a true stablecoin, pointing out that all of the existing options were down at least 2%.
CZ responded that the exchange is currently in “testing” phases for its stablecoin product.
Fact is, when stablecoins see use in actual trading, demand might shift in either direction, occasionally creating a spread. The spread can sometimes be as extreme as 5-10%, depending on overall problems with the stablecoin.
Tether, beset with problems as it is, has often divorced notably from its $1 peg. None have done as bad as BitUSD, one of the first attempts at a stablecoin. Part of the BitShares network, BitUSD never much took off.
We were able to find the BGBP – Binance Great British Pound – on the Binance Chain block explorer. Just as CZ points out, only 200 units exist on one address: bnb1r4ag7kd90rptlhcuuc8trh60v4m4vvzrfyecta.
The same address holds about $25,000 in BNB and little else.
Binance Coin (BNB) started out as an Ethereum asset issued during the crowdfunding for the exchange.