Cryptocurrency exchange Binance will reportedly introduce its own stablecoin pegged to the British Pound within the next two months.
Wei Zhou, chief financial officer of Binance, explained in a phone interview with Bloomberg that the creation of the coin called Binance GBP is part of a broader effort to make stablecoins pegged to more of the world’s currencies such as the Euro and Yen.
He also noted that the exchange currently has no plans to introduce a stablecoin linked to the U.S. Dollar with the reasoning that only certain portions of the world use the currency.
“Other users use other currencies, and we feel it should be reflected in stablecoins as well,” said Zhou.
He added that the new stablecoins will possibly help reduce Tether’s more than 50 percent market share on Binance.
Lastly, the exchange will coordinate with its partners who are looking into issuing their own stablecoins on Binance Chain, which is Binance’s native blockchain.
Binance CEO Changpeng Zhao also unveiled two days ago that Binance has started testing Binance GBP with 200 British Pounds already minted.