One of the leading global cryptocurrency exchange, Binance to soon release its new stable coin. According to a recent twitter post by CEO and Founder of Binanace Exchange, Changpeng Zhao, The platform is all set to Welcome the first stable coin on binance dex. However, it is not operated by Binance.
Following the announcement, one of the crypto enthusiasts CryptosBatman tweeted saying :
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!
Further, in response to this, Co-founder of packet nodes @JBTheCryptoKing tweeted saying
Hopefully we have a stable coin that remains stable. I wonder what this will do for the value of $BNB. 🤔🙌
However, Binance’s new stablecoin, BGBP, is a massive development in the cryptocurrency space. It is currently being tested on the exchange. Chanpeng Zhao, CEO and founder of Binance, confirmed these rumours and also revealed that only 200 GBP had been minted so far and the exchange plans to take their time to make a full public issuance.
In particular, Binance conducted a number of events with the launch of their native blockchain being the most notable. Moreover, According to reports, Binance Chain has already processed over 20 token issuances from projects like Harmony and MATIC. Despite the recent Binance hack of 7,000 BTC, Binance has not lost public trust as it continues to expand with its centralized exchange and DEX.