Binance currently testing a GBP backed stablecoin
Stable coins have been gaining popularity among crypto traders since the beginning of last year when mechanisms to avoid volatility were needed. Before digging deeply into Binance’s newest release, it is important to understand what a stablecoin is.
Stable cryptocurrencies are coins with almost unfluctuating values. Those coins are usually synonyms of stability inside the crypto space and represent a solution against price fluctuation. Those coins are usually pegged to other recognised and stable assets such as the US Dollar or even Gold.
Binance made the news official today at FinTech Money 20/20 Conference:
The Pound Sterling backed coin is already available on Binance Chain but the project is still in testing. Binance’s Chief Executive Officer stated that until now, only £200 in value had been launched. If the tests are concluded successfully, then we will be able to trade this coin backed 1-for-1 with GBP. As an interesting fact, when Changpeng Zhao was asked about why GBP instead of launching a EUR-pegged coin, Binance’s CEO replied that the negative interest rate of the eurozone currency is a key obstacle.
From evaluating similar projects, it is evident that Binance isn't discovering anything new, but may still be at the forefront of these projects. In April, eToro issued eight stable coins (a GBP-pegged one among those 8). TrueGBP is also another well-known coin linked with the value of the Sterling.
Projects such as TUSD, USDS, USDT, and PAX are also big rivals. To date, those fiat-pegged coins represent the majority of the fiat tokens in circulation and have millions of supporters globally. Tether, specifically, is the ninth cryptocurrency by market capitalisation, outperforming coins such as Stellar, Tron and even Cardano.
At the moment of writing, the price of BNBUSD is $30.78. The pair has lost almost 7% since the beginning of the week. Traders are carefully watching the $33.58 area to see if price action can reach and break the level or create another leg to the downside from there.
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