Binance is going to become a competitor for Tether

Binance is going to become a competitor for Tether

It’s going to be a hot competition!

The worlds greatest exchange of cryptocurrencies declared about its plans of designing a stablecoin. Information’s source is Wei Zhou, who is the Head Officer of Finances in Binance.

We know that there’re over 60 stablecoins in the crypto industry who tried to take on Tether, but they didn’t succeed. The largest part of stablecoins’ exchanging amount (over 98%) belongs to Tether. But now it’s a really dangerous moment for Tether. Binance has great popularity in the exchange industry, which can help its stablecoin take on Tether.

A co-founder of Austin, which is a crypto hedge fund based in Texas, shared her thoughts about this new stablecoin: “Of course, a stablecoin announced by Binance is going to warn Tether’s position”

Wei Zhou also mentioned that their first coin is going to be named Binance GBP. The coin is going to be backed by the British currency. The platform is going to get money off of interest on fiat currency deposits just like Tether.

Additionally, Binance aims to create extra coins that are going to be attached to different fiat currencies. Zhou said that they suppose the second coin is going to be backed by the US Dollar.

They want to make stablecoins accessible for numerous of the world’s fiat currencies.

“There are lots of users, who work with different currencies, not just GBP and USD. And we intend to create stablecoins for majority of them”, Zhou said.