Oh no, not another stablecoin in the market as it just seems like everybody wants to launch a new stablecoin these days.
At the beginning of the summer we are surrounded with exciting news on the upcoming Facebook stablecoin and payment system that will change the world by bringing cryptocurrencies to the masses via the technology titan’s messaging and social media platforms: WhatsApp, Instagram and Messenger.
We now hear that Binance, probably the most influential crypto exchange in the world, prepares a new stablecoin to be delivered into the market.
According to a blog post from Stably, the company will release the USDS stablecoin that will be based on the Binance blockchain making it the first stablecoin to be issued on Binance Chain.
Stably mentioned they have chosen Binance Chain and the BEP2 token standard for its multiple benefits to stablecoin users such as easy access, high security and superior transaction speed.
This is great news for Binance and Stably as USDS.B will eventually get listed on the exchange platforms, including Binance DEX, allowing the creation of various trading pairs. The total number of USDS.B tokens will be 90 billion that will be backed 1 to 1 by the US Dollar.
Still related to stablecoins, in another piece of news, it has been revealed that Binance might go for the creation of a stablecoin that is backed by the British pound, though this project is still in the “work in progress” stage.
Although the company has been affected by a hack last month, Binance kept on building its own blockchain along the decentralized exchange while launching an official wallet the other days.
Binance exchange continues to develop new interesting projects that influence in a positive manner the company’s perspectives and the price of its own Binance Coin that showcased an impressive 700% grow from the start of the year.