Bitcoin
$37,728.60+0.11%
Ethereum
$2,042.25+0.72%
Binance Coin
$226.95+0.27%
XRP
$0.60556155-0.31%
Solana
$59.87+1.30%
Cardano
$0.37480281-2.04%
Dogecoin
$0.08283469+3.18%
Tron
$0.11125034+2.69%
Chainlink
$14.31-1.47%
Toncoin
$2.29-5.22%
Avalanche
$21.29+2.08%
Polkadot
$5.44+5.80%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

Crypto Exchange Binance Announces New Stablecoin Initiative

The crypto exchange has announced that it's launching Venus, a project that will develop "localized" stablecoins around the world.

By Daniel Palmer
AccessTimeIconAug 19, 2019 at 7:50 a.m. UTC
Updated Sep 13, 2021 at 11:20 a.m. UTC
Binance CEO Changpeng "CZ" Zhao

Binance CEO Changpeng "CZ" Zhao

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 has announced that it's launching a project that will develop cryptocurrencies and digital assets pegged to fiat currencies around the world.

Dubbed Venus, the "localized" stablecoin initiative will see the firm utilize its existing infrastructure, such as its public blockchain, Binance Chain, and international payment system, "to empower developed and developing countries to spur new currencies."

Binance said it's seeking to create new partnerships with governments, enterprises and cryptocurrency and blockchain firms to assist the effort.

The exchange stated in its Monday announcement that it "will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus," adding:

"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."

The exchange has previously launched two stablecoins, BTCB, pegged to bitcoin, and BGBP, pegged to the British pound. on Binance Chain. It also listed the USDC dollar-backed cryptocurrency back in November.

In a statement to CoinDesk, Binance co-founder Yi He addressed the new project, saying:

“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.”

Binance CEO Changpeng Zhao image courtesy of the company

Disclosure

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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.