Binance Chain welcomes a stablecoin and prepares to issue one of its own

Binance, the largest cryptocurrency exchange in the world, prepares to welcome the first stablecoin developed on the Binance Chain blockchain while it has begun testing its own.

In a blog post, Stably, a venture-capital backed startup, announced that it will be launching its StableUSD token on the Binance protocol.

Dubbed USDS.B, it will the first stablecoin to launch on Binance Chain allowing other projects under the network to establish transparent and liquid on-chain trading pairs.

Stably has chosen the binance chain to develop its new stablecoin because it provides a vast number of benefits including, "Improved security, ease of use, and speed of transaction," said a representative from the company.

Changpeng Zhao, the founder and CEO of Binance, shared the news while highlighting that the stablecoin was not operated by his firm.

Along the same lines, a twitter account under the pseudonym of CryptosBatman revealed that Binance could be about to launch its own stablecoin, which will be backed by the Great Britain pound.

I can't say enough how big this is for Binance and Binance Chain.

Although it is unknown when the stablecoin will be launched, on the Binance site the token appears to be named BGBP-CF3, with 200 tokens in supply, and one addresses holder.

Despite the hack for 7,000 BTC last month Binance has had a successful year so far.

The confidence that investors have on the firm is rising as it can be perceived in its native currency, binance coin, which has experienced a steady increase in its market valuation going from $4 in early December 2018 all the way up to $35 last month, representing 760 percent gains.