Binance Chain welcomes a stablecoin and prepares to issue one of its own ๐จ This article is 5 years old...
Binance Chain welcomes a stablecoin and prepares to issue one of its own
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Updated: Jun. 3, 2019 at 3:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance, the largest cryptocurrency exchange in the world, prepares to welcome the first stablecoin developed on the Binanceย Chain (BNB) blockchain while it has begun testing its own.
Stablecoins on the Binance Chain
In a blog post, Stably, a venture-capital backed startup, announced that it will be launching its StableUSD (USDS) token on the Binance protocol. Dubbed USDS.B, it will the first stablecoin to launch on Binance Chainย allowing other projects under the network to establish transparent and liquid on-chain trading pairs.
Stably has chosen the binance chain to develop its new stablecoin because it provides a vast number of benefits including, โimproved security, ease of use, and speed of transaction,โ said a representative from the company. These characteristics will allow one-second block confirmation time and several thousand transactions per second.
A sum of 90 billion tokens backed 1:1 with US dollar reserves will be issued, but the entirety of the tokens will be moved into a treasury wallet and the supply will be frozen. Every time there is a freeze or unfreeze of USDS.B, it will be reported under this thread for transparency.
Changpeng Zhao, the founder and CEO of Binance, shared the news while highlighting that the stablecoin was not operated by his firm.
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
Along the same lines, a twitter account under the pseudonym of CryptosBatman revealed that Binance could be about to launch its own stablecoin, which will be backed by the Great Britain pound (GBD).
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 โก (@CryptosBatman) June 3, 2019
The news was asserted by Changpeng Zhao, who commented that the project is currently in a testing period and only ยฃ200 had been issued.
This is in testing phase still, only ยฃ200 minted so far. Slowly, but surely…
— CZ Binance (@cz_binance) June 3, 2019
Although it is unknown when the stablecoin will be launched, on the Binance site the token appears to be named BGBP-CF3, with 200 tokens in supply, and one addresses holder.
It remains to be seen whether the coin will actually remain stable upon the fluctuations of the market as Jake Greenbaum, the founder of Anon, pointed out the different prices bitcoin has depending on the pairings.
Hopefully we have a stable coin that remains stable.
I wonder what this will do for the value of $BNB. ?? pic.twitter.com/F8yCR83ol7
— The Crypto King (@JBTheCryptoKing) June 3, 2019
Despite the hack for 7,000 BTC last month Binance has had a successful year so far. From developing its native blockchain to realizing a decentralized exchange and adding margin trading to its platform, the company continues to expand and achieve key milestones describe in its whitepaper.
The confidence that investors have on the firm is rising as it can be perceived in its native currency, binance coin, which has experienced a steady increase in its market valuation going from $4 in early December 2018 all the way up to $35 last month, representing 760 percent gains.
BNB Market Data
At the time of press 3:17 pm UTC on Jun. 3, 2019, BNB is ranked #7 by market cap and the price is down 3.39% over the past 24 hours. BNB has a market capitalization of $4.52 billion with a 24-hour trading volume of $399.09 million. Learn more about BNB ›
Crypto Market Summary
At the time of press 3:17 pm UTC on Jun. 3, 2019, the total crypto market is valued at at $270.45 billion with a 24-hour volume of $74.37 billion. Bitcoin dominance is currently at 55.97%. Learn more about the crypto market ›
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Stably
Stably is a fast growing FinTech company from Seattle founded in 2018 by a team of former bankers and Amazon software engineers.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.