According to Bloomberg News, Wei Zhou, chief financial officer of Binance, the main cryptocurrency exchange, said in an interview that the exchange will issue stable currency in the next few weeks to a month or two. Earlier, Chan Chan CEO Zhao Changpeng has confirmed on Twitter that the stable currency linked to the pound is being tested.
Zhou said that the first stable currency of the currency is called Binance GBP, which will be priced in pounds sterling and 100% supported by the pound. He said that once the stable currency being tested is officially unveiled, the currency will disclose the bank it is using. Zhou also said that he would benefit from the interest on deposits in French currency like Tether.
In addition, Zhou also said that the currency will also introduce stable coins linked to other currencies, but did not introduce a dollar-backed stable currency plan. The goal of the currency security is to provide stable currencies for more currencies in the world, such as the euro and the yen.
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Coin Security will also work with other companies to issue its own stable currency on the Binance Chain. Previously, startup Stably announced the release of a dollar-backed stable currency at Binance Chain. In response, Zhou told Bloomberg News that
"From a user's point of view, only certain regions of the world use the US dollar. Other users use other currencies, and we think this should also be reflected in the stable currency."
Traders typically use low-volatility stable currencies to store capital when cryptocurrency market prices fluctuate dramatically. At present, Tether (USDT) is a well-deserved market leader and currently accounts for 98.7% of stable currency transactions. However, Kyle Samani, founder of the encryption hedge fund Multicoin Capital, told Bloomberg that "the stable currency issued by the currency security will definitely pose a threat to the USDT. The currency security can also cooperate with the audit firm to provide a strong guarantee that the stable currency can be fully supported. And can be easily exchanged."
Previously, in the case of Tether's lawsuit, only 74% of USDT was supported by cash and cash equivalents. Zhou said that the stable currency of the currency will be 100% supported by cash and equivalent and will provide greater transparency. This may attract more traders.
Arca's chief investment officer Jeff Dorman said in an e-mail, "This will have a positive impact on the currency (BNB), which will bring more trading volume and eventually bring more to the currency. Income. In theory, this will also grab market share from USDT. But in the face of competition, Tether has proved to be quite flexible."
This article is transferred from the comparison , by Xiu MU