Binance's European arm lists GBP-backed stablecoin
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The European subsidiary of Binance has launched a British pound-pegged stablecoin.
Starting today, Binance Jersey will offer the stablecoin, called Binance GBP (BGBP), The Block confirmed with Binance.
The company announced it was working on the token last month.
The Jersey platform, which launched in January, offers fiat-crypto trading to European traders and offers nine cryptocurrencies tradable against two fiats—GBP and euro.
“There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin, and listing BGBP is in response to it", Wei Zhou, Binance’s chief financial officer, said in a statement.
Wei added stablecoins are continuing to show their utility.
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