Leading cryptocurrency exchange, Binance has announced its plans to terminate support for BGBP, a stablecoin pegged to the GBP, the official currency for the United Kingdom, including Jersey. The last trading pair for the stablecoin will equally be delisted on the exchange. The development follows the recent announcement that the Binance exchange will be shutting down its Jersey branch later this month. The BGBP stablecoin has only lived for less than two years.
Binance exchange to delists BGBP trading pair
Per the announcement, Binance exchange will delist the last crypto-to-crypto trading pair for the BGBP stablecoin on November 17, at exactly 12:00 PM UTC. After the trading ceases, the users still holding the stablecoin will be provided a convert option to exchange the cryptocurrency directly for GBP. BGBP was Binance’s first fiat-backed stablecoin experience. It was listed on the exchange in July last year and pegged 1:1 to GBP.
Noteworthily, the Binance USD stablecoin (BUSD) has a higher demand compared to the GBP stablecoin. With a circulating supply of 700,001, BGBP market capitalization totaled $924,279 on CoinGecko, ranking as the 967 largest digital currency (#1,229 on Coinmarketcap). Meanwhile, the USD stablecoin has a circulating supply of 661,403,967 BUSD, with a market cap of $661.6 million. BUSD is ranked as the 36th largest digital currency on CoinGecko and 32nd largest on Coinmarketcap.