Binance new set of stablecoins to rival Facebook’s Libra

Binance announced the development of Venus; a crypto inspired by Libra.
Binance intends to fight the established financial hegemony with a new set of stablecoins.

John Isige FXStreet

Malta-based Binance exchange is getting ready to develop stablecoin that will more or less resemble Facebook’s Libra. Unlike Libra, Binance will have different stablecoins for different regions.

The announcement from the company outlines that the reason for the endeavor is to compete with the monopolistic financial hegemony. Binance intends to utilize its position in the global crypto space to push for the adoption of the stablecoins.

According to the announcement the first of the stablecoins is dubbed Venus. The company says that the idea of Venus was inspired by Facebook’s Libra. This will help Binance “to use the technological innovation power given by the times to instigate a new currency and create an independent “regional version of Libra.” Moreover, Binance seems motivated by the idea of replacing the fiat as a system of payment and fund transfer.

Libra is still in development, however, a number of similar coins have already been announced and undergoing development. Binance has the financial power and position in the crypto industry to push for the adoption of the Venus and other such stablecoins. However, we will wait to see if Venus will spur regulatory heat as Libra did.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren