The First USD Stablecoin Has Been Launched on Binance DEX
The USD-baked stablecoin of the Stably company- StableUSD-, has been added by Binance DEX as a native BEP2 crypto-asset under the name of USDSB.
“Stably is excited to announce the launch of our USD-backed stablecoin trading pair on Binance as well as Binance DEX with the new BEP2 version of our stablecoin — USDSB!”- Medium read Stably’s post.
USDSB is the first stablecoin to launch on Binance DEX, allowing traders to have access to a hedging tool against crypto price fluctuation and to redeem their funds in fiat. The launch also enables other Binance Chain projects to “establish transparent, liquid, and stable on-chain trading pairs.”
Regarding the listing, Kory Hoang, the CEO and founder of Stably, stated the following:
“The launch of Stably’s stablecoin on Binance DEX will usher in a new age of adoption and growth for DeFi, especially decentralized exchange trading. We are beyond excited for this opportunity and look forward to continue our close cooperation with Binance as well as the Binance community.”
StableUSD was first launched on the main trading platform of Binance in February. On the main platform, USDSB will be traded in the following pairs starting with June 24, 10:00 AM UTC: USDSB/USD and USBSB/USDS. On the DEX platform, USDSB will be traded against BNB, the native crypto of Binance.
StableUSD was developed by Stably and issued by Prime Trust, a Nevada-chartered trust which serves as the regulated administrator for USDS and its DEX correspondent USDSB.
The USDS token is pegged to the value of U.S. dollars at a 1:1 ratio, with the tokens being backed by physical money reserves. There are no restrictive issuance and redemption criteria when it comes to USDSB, and traders are also able to convert these tokens in the ERC20 USDS equivalent by sending a support ticket through Stably.
USDSB can be stored either on Binance.com in their wallets, or the tokens can be deposited in Trust Wallet or other wallets that are compatible with the BEP2 token standard.
Featured Image: Medium