Binance new set of stablecoins to rival Facebook’s Libra

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.

Read also: Bitcoin price analysis: BTC/USD completes first leg up to $10,700

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.