Binance, the world's largest cryptocurrency exchange by adjusted trading volume, will issue its own stablecoin within 2 months, Bloomberg reported yesterday.
Wei Zhou, financial director of the crypto trading platform, said that the exchange will roll out its own stablecoin "in a matter of weeks to a month or two." According to him, the launch of this new asset aims to make stablecoins available to a greater number of users.
Binance's native stablecoin, known as Binance GBP, will be reportedly denominated in pounds sterling and its value will be pegged to that of the British currency.
The exchange also said it plans to launch other stablecoins linked to different fiat currencies. However, it pointed out that none of these currencies will be pegged to the U.S. dollar.
All stablecoins issued by Binance will also have an impact on Tether's market share, which currently represents more than 50% of stablecoin volume on the exchange.
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