The Jersey arm of Binance has listed the cryptocurrency exchange's own British pound-backed stablecoin.

Binance announced Friday that Binance GBP (BGBP) is being offered on the fiat-to-crypto platform due to trader demand for more stablecoin options.

“There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin, and listing BGBP is in response to it,” said Binance CFO Wei Zhou.

Binance Jersey launched back in January to offer trading in bitcoin and ethereum against the British pound and the euro. Jersey is a British self-governing dependency.

The Jersey platform expects to add more cryptocurrencies in the future, while further developing the platform’s technology and customer experience, the exchange said.

Binance is also expected to launch more fiat-based stablecoins going forward, and has also started rolling out tokens pegged to cryptocurrencies like bitcoin.

Binance image via Shutterstock