Bitcoin
$64,901.33+4.43%
Ethereum
$3,111.13+2.93%
Binance Coin
$561.10+2.88%
Solana
$145.15+7.87%
XRP
$0.50114077+1.60%
Toncoin
$7.12+12.52%
Dogecoin
$0.15378236+3.86%
Cardano
$0.46810927+4.23%
Shiba Inu
$0.00002337+5.06%
Avalanche
$35.66+2.09%
Wrapped Bitcoin
$65,051.17+6.34%
Tron
$0.10941365-0.62%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
08
HR
47
MIN
18
SEC
Markets

Binance Discontinues UK Pound Stablecoin Calling It Just an 'Experiment'

The exchange is discontinuing its own BGBP stablecoin, an "experiment" that obviously wasn't a success.

By Daniel Palmer
AccessTimeIconNov 16, 2020 at 3:54 p.m. UTC
Updated Sep 14, 2021 at 10:31 a.m. UTC
bsubaccount
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cryptocurrency exchange Binance is discontinuing its own BGBP cryptocurrency, a stablecoin linked to the value of pounds sterling.

  • In a notice on Monday, the company said it is removing a number of trading pairs, including BGBP/USDC (USD coin) on Tuesday at 12:00 UTC.
  • This was the final pair listed for the stablecoin and its removal means BGBP will no longer be offered.
  • Users are able to exchange any remaining BGBP into U.K. pounds via Binance's Convert service at a 1:1 ratio.
  • Talking to CoinDesk over Telegram, a Binance representative said BGBP had been the exchange's "first experiment" with a fiat-based stablecoin.
  • "It worked but the issuance/redemption process was not the most friendly for users," they said.
  • Going forward the spokesperson said Binance will point users to its GBP fiat onramps where they will receive a "better" service.
  • When the token was listed on Binance Jersey (also now discontinued) last summer, Binance CFO Wei Zhou said there was "overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin."
  • BGBP was obviously not the success the exchange had hoped. Binance also has a U.S. dollar-based stablecoin, BUSD, that the representative said has been the "fastest-growing USD-backed stablecoin in the past year."
  • Around $2.4 billion BUSD had been issued in total in September, the representative said, adding there are no plans to drop the coin.

Also read: Binance Gives $200K to Investigators Who Helped Identify Actors Behind 2018 Attack

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.