Binance DEX welcomes its first stablecoin—StableUSD
The addition opens up opportunities for on-chain trading on the DEX, providing traders with an additional tool for hedging against volatility or redeeming their crypto for fiat. A stablecoin on Binance DEX also opens up a host of algorithmic and automated trading strategies.
CryptoSlate reached out to Kory Hoang, the CEO and founder of Stably, for comment on 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.”
StableUSD was listed on Binance’s main trading platform in February. The exchange will open trading for USDSB/USDT and USBSB/USDS on June 24, 10:00 AM UTC.
StableUSD is created through Stably and issued by Prime Trust, a Nevada-chartered trust that acts as the regulated administrator for USDS and its DEX equivalent USDSB.
Each USDS token is backed one-to-one and redeemable for U.S. dollars. Unlike Tether, which has restrictive issuance and redemption criteria—anyone can create or redeem USDSB, as well as swap these tokens for the ERC20 USDS equivalent, by submitting a support ticket through Stably.
Users can custody USDSB on Binance.com, or self-custody their tokens using Trust Wallet or another wallet that supports the BEP2 token standard.