Binance rolls out Bitcoin pegged stablecoin on Binance Chain
Binance has launched a Bitcoin pegged cryptocurrency on Binance Chain dubbed BTCB. The crypto exchange has minted 9001 BTCB, which is backed by an equivalent amount of Bitcoin, according to the company.
Binance plans to roll out other cryptocurrency pegged tokens in the coming days. The exchange has promised 100% reserve for all the cryptocurrency pegged stablecoins issued on Binance Chain. “The reserve addresses are published for anyone to audit,” reassured the exchange.
With the launch of crypto pegged stablecoins, the crypto exchange is aiming at increased trade volume and liquidity. The launch is also meant to increase the number of tokens available for trading on Binance DEX thereby increasing the trade volume. “This would further increase the utility value of Binance DEX,” explained the exchange.
Binance has also invited other projects to issue their pegged tokens on Binance Chain.
The new move by Binance seeks to popularize their new decentralized exchange, Binance DEX. It also intends to bring in more users to its recently introduced native blockchain, Binance Chain.
Stablecoins are gaining popularity in the market with many companies introducing fiat pegged stablecoins. Crypto pegged stablecoins are more trustworthy than fiat pegged stablecoins in the fact that blockchain allows an easy audit of crypto reserves backing the stablecoin. The reserve information is public knowledge as it is stored on the blockchain and can be accessed by anyone.
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