Binance, one of the world’s biggest cryptocurrency exchanges is testing a stablecoin, backed by the British pound on its own block chain – the Binance Chain.
The stablecoin is currently in a testing phase, announced Changpeng Zhao, CEO of Binance earlier this week on Twitter.
“This is in testing phase still, only £200 minted so far. Slowly, but surely”, reads Zhao’s post.
The news was revealed after a Twitter user showed a screenshot of the Binance platform, with a new listing of a pound pegged stablecoin designated as BGBP.
Asked about a possible euro backed stablecoin, Zhao said that this would be “more tricky as the euro has a negative interest rate”.
Currently Tether is the most widely used stablecoin, holding more than 78% of the 4 billion USD dollar pegged tokes in circulation.
For the time being the only other GBP backed stablecoin is the TrueGBP, which is also in testing phase with ERC-20 tokens issued on the Ethereum blockchain, worth just over 1 million GBP.
Binance presently trades with several stablecoins including USDT, TUSD, USDC, USDS, and PAX.
In the early stages of development the overall supply of the BGBP stablecoins will be limited.
Binance is one of the largest crypto exchanges, handling trades for over 2,4 billion USD a day.