Binance to Launch Native Stablecoins in Two Months.

June 6, 2019 By: Nwabundo Wisdom

 

Renowned cryptocurrency exchange Binance in a report as provided by a source on June 5, has disclosed that it would launch its stablecoins in two months.

This was confirmed in a statement made by the Chief Financial Officer of Binance, Wei Zhuo, who disclosed that the exchange will being issuance of stablecoins “in a matter of weeks to a month or two,” he added that the motive for this initiative is to make more stablecoins part of available cryptocurrencies in the world.

In an earlier report, Balance CEO, Changpeng Zhao, revealed the launch of the exchange’s own British pound-pegged stablecoin Binance GBP, with £200 already minted. This was reveled in response to a tweet by crypto enthusiast, CryptosBatman.

According to the CFO, Binance is set to launch more stablecoins apart form Binance GBP in two months, these stablecoins has disclosed will also be pegged at other currencies excluding the U.S. dollar, Zhou explained that: “from the users’ perspective, only certain portions of the world use the dollar. Other users use other currencies, and we feel it should be reflected in stablecoins as well.”

In addition, Zhou disclosed that the introduction of more stablecoins by the exchange will reduce Tether’s market share in stablecoin volume on Binance which presently stands at 50%.

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