Global crypto exchange Binance on Monday announced that it would launch an open blockchain project that will allow the development of localized stablecoins and digital assets pegged to fiat currencies across the globe.
Dubbed “Venus,” the new project will utilize the crypto exchange’s currently available infrastructure, including its public blockchain Binance Chain and its cross-border payments system.
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The exchange detailed that it will provide full-process technical support, compliance risk control system, and multi-dimensional cooperation network to build Venus, along with regulatory requirements.
“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,” Yi He, co-founder of the exchange, said.
According to the announcement, the crypto exchange is currently focused on forming alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies for its stablecoin project.
With it, the Malta-registered exchange is aiming to “empower developed and developing countries to spur new currencies.”
“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,” He added.
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Binance earlier launched two stablecoins – one pegged to Bitcoin and another pegged to British pound – both on Binance Chain. In November, it also listed USDC, the USD-backed cryptocurrency launched by Circle and Coinbase.
As Biance also hopes to financially include developing nations by introducing the currencies, it is quite evident that the project comes in response to Facebook’s ambitious digital currency Libra.
Earlier this month, Finance Magnates reported that retail giant Walmart is also planning to enter the same market and has applied for a patent of a Libra-like stablecoin