iUSD Stablecoin Beta Now Launched — Supports TUSD and USDC
IOST is excited to announce the launch of iUSD Stablecoin Beta, a stablecoin swap solution with TUSD and USDC. The solution is developed by Rate3, one of IOST’s Servi Nodes, bring ERC-20 liquidity and asset stability into the IOST ecosystem.
The iUSD stablecoin uses a frictionless token swap solution that allows IOST users access to the high liquidity of USDC, TUSD and in the future, other ERC-20 stablecoins. It also enables users to seamlessly and reliably transfer value between the IOST network and other blockchain networks, eliminated the problem of liquidity found in many non-ERC-20 stablecoins.
As the iUSD launch is still in Beta, do take note of the following:
- Adoption and swap channels for IOST iStablecoin is expected to gradually increase over time.
- There might be some minor user experience kinks along the way which the iUSD development team stands ready to refine based on user feedback.
- All swap fees are waived during this beta trial phase to encourage users’ adoption and feedback¹.
- During this beta launch period, all cross-chain swaps will be processed once every 24 hours daily at UTC 04:00 between Monday to Friday until further notice². We’ve adopted Bitmex’s ‘security-first’ approach to handling withdrawals.
Try Out iUSD Today!
Keen to be one of the pioneer users of iUSD? Follow these steps below to begin your journey now! (Exchange support to buy iTUSD and iUSDC directly will be coming soon too.)
What you need to complete an iUSD stablecoin swap:
- IOST mainnet account
- iWallet (to receive iUSD)
- Metamask (to send TUSD and/or USDC)
iUSD Stablecoin Swap Tutorial
Step 1: Get A Free IOST Account
There are several ways to create an IOST account. For web-based wallet creation on your desktop, you can create a free IOST account here: https://iostaccount.io/register?
Note: This free account giveaway runs until 16 May and is limited by the hour, so grab yours fast!
Make sure you snag your own unique account name before its too late! Examples of account names that you can create are carribean, annabelle, tesla etc. Take note of your private keys generated within the blue box above. You will need it to import your account into other wallets.
Step 2: Install iWallet on Desktop
After successfully creating an IOST account, you will need to install iWallet, a browser-extension based wallet to easily interact with other IOST Dapps (i.e. an experience similar to MetaMask).
You can install the IOST iWallet extension for Chrome, before importing your existing IOST private keys over via the following steps:
- Click on the iWallet extension logo
- Set a password for logging into your IOST wallet on this web device before clicking on “Import Account”.
- Enter your private key information to finish importing your IOST account into iWallet
Step 3: Connect to the iStablecoin Web Application
- Visit Website: https://istablecoin.io/
- Connect your Metamask and iWallet browser extension wallets to the iStablecoin web application
- Make sure you have the MetaMask and iWallet browser extension wallets installed and logged into by this stage. You will be prompted to do so if you’re not:
- A MetaMask login prompt will appear upon a user entering the home page
- After landing on the website, click on “Connect” when prompted:
- Click on “Connect” when this prompt appears.
- Confirm and verify that the Ethereum and IOST account details at the top of the web page are indeed yours.
Step 4: Perform iUSD Stablecoin Swap
- Clicking on “Swap Token” will bring you to the following interface which will let you swap your stablecoins back-and-forth between Ethereum and IOST:
- Click on “Swap Token” to get to this swap interface page
- Before proceeding, ensure that you have a sufficient amount of TUSD (or USDC) on balance inside your connected MetaMask account to successfully perform your swap. This can be checked through the following two ways:
a. Via the iStablecoin Web Interface
In this screenshot, the user currently has 50 TUSD (ERC-20 stablecoin) available on hand to swap.
b. Via MetaMask
You can also add TUSD and USDC as a “Custom Token” in order to view your balances within MetaMask.
The “Token Contract Address” details that you need to input for TUSD and USDC respectively are as follow:
TUSD: 0x0000000000085d4780B73119b644AE5ecd22b376
USDC: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
With sufficient TUSD on balance, you can now input the parameters for your swap into the interface:
- Click on the bidirectional arrows to select the direction of the swap which you wish to make
- Click on the drop-down arrow to choose the stablecoin which you wish to perform the swap with
- Input the amount of ERC20 stablecoin which you wish to swap onto IOST and click on “Next”
Step 5: Sign Your Swap Transactions
You will now need to sign two transactions that will be prompted by Metamask³. At this stage, some users may encounter a common “nonce too low” error from older versions of MetaMask — please refer to the footnotes for troubleshooting instructions⁴.
The first transaction signing is an “Allowance Permission” meant to give permission to the SwapContract()smart contract to facilitate transactions of your TUSD stablecoin token. In this case, the user has given permission for the smart contract to obtain up to 50 TUSD from him/her.
After that, a second MetaMask prompt will appear. This second transaction signing signifies the user allowing the SwapContract()smart contract to finally transfer the 50 TUSD from the user to the SwapContract()smart contract, as seen in the screenshot below:
Once the above is done, it would signify the completion of the “Ethereum leg” of the swap transaction!
The user can then click on “View Swap Status” in order to see the details of the transaction on Etherscan.
Click on “View Swap Status” to obtain further details on Etherscan about your swap transaction.
Step 6: Start using ITUSD iStablecoin!
And that’s it! If everything is in order, your swap request will be approved. You will receive your ITUSD token in your IOST wallet, and also be able to view the transaction on the IOSTABC block explorer:
50 ITUSD tokens minted for “terry” (a.k.a. @terrence_iost)
Where can I use my iStablecoin?
You can begin leveraging on IOST’s low-fee and high throughput blockchain to transact in a stable medium of exchange with other users for purchases or Dapp transactions!
Your iStablecoin (i.e. ITUSD, IUSDC etc.) will be supported for use over time via the following IOST ecosystem partner wallets and Dapps.
Wallets
These include IOST partners such as Huobi Wallet, Trust Wallet, Cobo Wallet, Secrypto, TokenPocket, Monarch Wallet, Magnum Wallet and more.
Gaming Dapps
Watch out for future integrations between iStablecoin and a whole range of IOST Dapps, such as CryptoNinja, Liar Game, Snake, RealmX, and Endless Game!
Footnotes:
[1] In order to pay for operational costs, a small 5 basis points fee will in future be levied on swaps made from IOST back to Ethereum, with discount incentives incorporating RTE usage.[2] During this beta phase, we will be vetting every swap transaction that comes in prior to approval. This will eventually evolve into an automated process once this beta phase is over.
[3] It is a common standard practice for all Ethereum Dapps to require users to sign two transactions before actual usage of the Dapp. To understand in detail why it is necessary, you can read about it in more detail over at https://tokenallowance.io/
[4] Users encountering the “nonce too low” error can either a) sign out and then sign back in into MetaMask, before then switching the connected network from “Mainnet” to “Testnet”, and then back to “Mainnet” again, OR b) uninstall and reinstall the latest version of MetaMask again.
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