Binance lists GBP-backed stablecoin 'BGBP'

Cryptocurrency exchange Binance is adding support for GBP-backed stablecoin, Binance GBP Stablecoin (BGBP), as per its announcement.

BGBP is a Binance-issued token and is 100% backed by the same amount of GBP held by Binance in a bank account.

Binance will allow its users to trade BGBP in BGBP/USDC trading pair. Trading will be available today (July 23, 2019) at 4:00 UTC time. The listing fee is 0 BNB.

Users can also buy and trade BGBP at Binance Jersey, its European subsidiary that was launched earlier this year.

The listing follows media reports in June that Binance was preparing to launch its own stablecoin pegged on GBP, with CEO Changpeng Zhao confirming and revealing the minting of £200 at the time.

Binance Chief Financial Officer Wei Zhou also noted the overwhelming demand for “stablecoin diversification, including a GBP-pegged stablecoin, and listing BGBP is in response to it.” He also revealed that the use cases and utility of stablecoins have tripled since the start of 2019.