Binance Reveals All New Stablecoin Initiative

The world’s leading cryptocurrency exchange Binance revealed the launch of a new project allowing users to develop cryptocurrencies and digital assets that are fixed to fiat currencies worldwide. The official announcement about project “Venus” was made on Binance’s website last Monday.

The new initiative will use Dubbed Venus’ infrastructure (Binance’s version of Libra), like Binance Chain – its public blockchain and international payment system with the aim to “to empower developed and developing countries to spur new currencies.”

Binance stated that they are attempting to establish partnerships with governments, corporations and blockchain companies to help them in this effort:

“Binance welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.”

Binance already introduced two stablecoins – BTCB that is pegged to Bitcoin, and BGBP, which is fixed to the British pound. In addition, the dollar-backed USDC was listed on the exchange in November.

Yi He, Binance Co-Founder commented on the new project:

“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”