Binance DEX Adds First Stablecoin Trading Pair Of USDSB, A StableUSD (USDS) Variation
The USD-backed stablecoin of the Stably company- StableUSD-, has been added by Binance DEX as a native BEP2 crypto-asset under the name of USDSB.
In a press release from Binance, the largest crypto exchange launched trading for two pairs comprising of USDSB against major stablecoin tether (USDT), as well as the USDSB-to-USDS trading pair today at 10:00 AM UTC. 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. A spokesperson from Stably explained the addition:
“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!”
Reducing the Crippling Price Volatility in the Market
USDSB is the first stablecoin to launch on Binance DEX, and will allow 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.
The CEO and founder of Stably Kory Hoang, said the following regarding the listing:
“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.”
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.
In addition to the pairs above, Stable says they are also planning to list USDSB with additional assets on Binance DEX very soon in the near future.
Cointelegraph reports that USDS was launched at the start of February this year to give investors another stable crypto asset to preserve their wealth in form of fiat, especially when there is a high price volatility in the market. On February 5, after launching,USDS trading went live on Binance.
During the announcement of the listing of the stablecoin, Changpeng Zhao, Binance CEO also stated that the crypto exchange has just finished its first margin liquidation saying that it was a short of Bitcoin.
Should Binance add more stablecoins on its platform? Share your thoughts with us in the comments section below.