Fiat-crypto exchange Binance Jersey has listed a proprietary GBP-backed stablecoin, per a announcement shared with Cointelegraph on July 19.

‘Overwhelming demand’ for stablecoin diversification

Listing of the Binance GBP Stablecoin (BGBP) confirms earlier indications that the foremost industry player had its sights on imminently issue its own fiat-pegged assets, beginning with a cryptocurrency 100% backed by the British pound.

Binance Chief financial officer Wei Zhou has given an official statement, within which he noted that:

“There has been an awesome demand within the market and Binance community for a lot of stablecoin diversification, together with a GBP-pegged stablecoin.”

Zhou added that increasing awareness of the utility of stablecoins and proliferating use cases for the specialised plus have all contributed to Binance’s call to list the coin, and to press ahead with different fiat-pegged cryptocurrencies.

As antecedently reported, Binance 1st launched its Jersey-based platform in Jan of this year, designing the exchange to support fiat-to-crypto trading of the euro and British pound with Bitcoin (BTC) and Ethereum (ETH) across Europe and also the UK.

More stablecoin fever

Ahead of revealing plans to issue its own assets of a similar kind, the exchange had embraced — like different major platforms like OKEx and Huobi — the proliferating issuing of fiat-backed stablecoins.

In fall 2018, it rebranded its Tether (USDT) Market because the combined USDⓈ market to permit for the support of more trading pairs with completely different stablecoins offered as a base pair in fall 2018.

Earlier this month, Binance completed associate upgrade to its Binance Chain mainnet — that includes a revised matching engine and enabling validators to vote on delisting trading pairs on Bianance’s decentralized trading platform, Binance DEX.

Also this month, Binance free a margin trading platform, that it equally explicit had been “one of the foremost requested services from our community.”

Just yesterday, stalwart if controversial stablecoin establishment Tether discovered plans to unharness its stablecoin on a fifth blockchain, one supported a permissionless proof-of-stake (PoS) and open-source protocol.

A study revealed in June in the meantime indicated that only 66 stablecoins — 30 minutes of total proclaimed tokens — are literally live and operational.

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