Binance launched British pound-backed stablecoin, the first of many fiat-pegged stablecoins to come on Binance Chain

Binance announced today the listing of its long-awaited new stablecoin BGBP, pegged 1:1 to the British pound. This is the first step towards the cryptocurrency exchange giant’s ambition to build a collection of stablecoins pegged to different fiat currencies on the Binance Chain. 

The BGBP/USDC trading pair will be available on Binance for trading at 4:00 a.m., July 23 UTC, with a 0.1% trading fee. The coins will be fully backed by a reserve of British pound, per a company blog post.  

The exchange first announced that it was testing a GBP-backed stablecoin in early June. At the time, Binance CEO Changpeng Zhao confirmed that only £200 worth of the token had been issued. 

In a phone interview with Bloomberg, Binance’s chief financial officer Wei Zhou said that Binance is considering adding more coins tied to fiat currencies in the near future, with BGBP being the first stablecoin of the many to come. 

Currently, the only two other venues that provide GBP-pegged stablecoins are the TrueGBP project and eToro’s GBP stablecoin project.