Binance's "regulatory-compliant" stablecoin Venus will learn from Libra's mistakes

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Binance said it will be learning from Facebook's mistakes with Libra, taking an even "More conservative" approach with its stablecoin, Venus.

It differs from Libra in that it will primarily focus on partnering with governments in Asia.Binance looking to take on Facebook with a regulatory-compliant stablecoin.

With the eyes of the entire world pointed at Facebook, who has been struggling to get its cryptocurrency project Libra off the ground, the climate has never been worse for stablecoins and their issuers.

Binance has been hard at work on Venus, its initiative to develop localized stablecoins across the globe.

Has seemingly decided to take on a much different approach than Facebook's highly contested Libra.

A more tightly-regulated Libra targeting Asian markets.

To distance itself more than Libra, Binance plans to only target non-Western markets with Venus.

While Binance is yet to reveal a detailed expansion plan for Venus, He Yi's statements indicated that the company plans on targeting areas that follow China's ambitious infrastructure expansion initiative as well.

While Binance's Venus announcement in China called for governments to launch a regulatory sandbox that would monitor stablecoin issuance, there's a slim chance it will help it reduce the administrative hurdles Libra has and will continue to face.

Seeing how China has been pushing for the release of its own state-backed stablecoin and shutting down local cryptocurrency exchanges, it seems like Binance is up for a tough battle.

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