Binance Tests New Stably StableUSD (USDS) Stablecoin Based On Its Blockchain Network

Binance, one of the largest and most popular cryptocurrency exchanges around the world, has launched its own stablecoin called BGBP. According to CryptosBatman on Twitter, the new stablecoin could be used on Binance.je, Binance.com and also on its decentralized exchange (DEX).

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! pic.twitter.com/FAEdvMG2tF

— CryptosBatman ⚡ (@CryptosBatman) June 3, 2019

Binance Launches New Stablecoin

The crypto exchange Binance seems to have launched a new stablecoin known as Binance GBP Stablecoin. The information was released by CryptosBatman on June 3. According to Changpeng Zhao, the CEO and founder of Binance, they have only minted £200 so far with the intention to test it and release a working and safe stablecoin.

The digital currency is going to be based on its blockchain network that was released to the market a few months ago and in which new projects are starting to build their platforms. At the moment, it is possible to see technical information about this stablecoin on this website. According to it, the coin was issued on June 1st.

At the same time, Binance decided to welcome a new stablecoin called StableUSD (USDS). Stably, a venture-capital backed startup, announced that it will be launching a new stablecoin on the Binance chain. The new coin is called USDS.B and it is going to be the first stablecoin launched on the Binance Chain.

According to Stably, they have decided to use the Binance Chain because it has a large number of benefits and improvements over other blockchains currently available in the market.

At the moment, there will be issued 90 billion tokens that are going to be backed 1:1 with US dollar reserves. Changpeng Zhao informed that this is going o be the first stablecoin on Binance DEX, even when it is not operated by Binance.

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

Although Binance was affected by a hack a few weeks ago, the exchange continues to expand and reach a larger number of users and individuals around the world. Binance Coin (BNB), the digital currency launched by the exchange, continues to break new records and it is currently traded close to its all-time high.