Stablecoin maintains a rapid increase in popularity and use as Binance shows support for it and adds a new one on their exchange.
Binance, one of the largest crypto exchanges worldwide, was established in 2017 in China but moved to Japan after the Chinese government announced crypto regulations in the same year. The exchange not long ago moved to Binance Chain, a blockchain software system developed by Binance itself.
It has been rumored that Binance is testing a stablecoin based on the British Pound (JBP). The reason is that a new listing “BGBP” arrived at the Binance platform.
One of the users observed this and questioned Changpeng Zhao, a Chinese-Canadian businessman and the CEO of Binance. Zhao clarified that the GBP stablecoin is currently being tested.
Many crypto enthusiasts believe that stablecoins are the solution to the problem of crypto asset adoption since they provide users with currencies that possess all of the positive characteristics of crypto assets with no major volatility issue.
This new tactic of Binance will open many opportunities for stablecoins.
The crypto exchange Binance has quickly become one of the leaders in the crypto sphere and it continues to grow and rapidly expand.
However, the relationship between Binance and the US is rocky. It has been declared that in July users of the Binance decentralized exchange from the US and twenty eight other countries will get blocked.
Right now, it is not clear what way cryptocurrencies will go. Many people consider that crypto assets should store a unique value, while others argue that they will be used only as payment methods.
The main differentiator between these perspectives is the volatile nature of decentralized assets such as cryptocurrencies. This is why many crypto investors believe that stablecoins are essential for mainstream adoption of crypto coins.
Stablcoins aren’t just less volatile than other cryptos, in fact, they are favored by governments and large business firms. On the other hand, they are linked to fiat currencies, which is opposite to one of the core principals of crypto.