Stably USD (USDS) is the Newest Stablecoin to Join Binance’s Stablecoin Market
Stably USD (USDS) Lists on Binance
Stably is excited to announce the official launch of our stablecoin, USDS, on the Binance combined stablecoin market! Binance will open trading for BNB/USDS and BTC/USDS trading pairs on Tuesday, February 5th, 2019 at 7:00p PST. Users can start depositing USDS tokens now in preparation.
Purchase USDS: https://usds.stably.io
Deposit USDS: https://www.binance.com/userCenter/depositWithdraw.html
How Does USDS Stay at $1?
USDS is a stablecoin designed to be pegged one-to-one with USD (1 USDS = $1 USD). This ratio is guaranteed whenever you want to purchase or redeem USDS directly with Stably, because Stably holds a one-to-one reserve of USD against all issued USDS in the market.
On the open market (e.g. on exchanges such as Binance), this ratio may not be one-to-one, due to various market forces such as demand and available liquidity. Please be cautious if/when the price deviates from this ratio.
Stably recognizes that a fiat-backed stablecoin requires a high standard of public transparency for consumers and businesses to build trust. Learn more about how Stably has been laying the groundwork with the proper preparation, regulation, and transparency to effectively address counterparty risks for our stablecoin.
To provide a complete and up-to-date level of transparency on our reserve, Stably will also provide a view of our reserve balance in real-time, via a live feed from the API of our reserve holder, Prime Trust. This is available on our platform.
We provide two pieces of information through this platform. The first is how much USDS we have in circulation, based on our smart contract. The second is how much USD our regulated trustee has in their reserve. You will notice at times, we will have more USD than USDS — this is because Stably burns USDS before we wire money for any redemption request, so in the time it takes for a user to receive their wire, Stably USD will be overcollateralized.
Leading third-party auditor, Cohen & Co., will also provide regular attestations on our reserve balance. An attestation on our initial balance can be found here, and our next attestation will be on January 31. Additionally, you can find a link to our smart contract and Ethereum transaction history for USDS here.
How to Purchase and Redeem USDS
Visit https://usds.stably.io to get started!
Visit https://support.usds.stably.io for more information on how to set up, manage, and use your new Stably USD account.
How to Purchase USDS
Select the Ethereum wallet where you want to receive your USDS.
- Enter a desired purchase amount.
- Click “Buy”, you will be generated a reference number to use with your bank wire.
- With your personalized reference number, use this information to send a wire from your bank.
- After Stably’s regulated trustee receives the wire, the corresponding amount of USDS will be sent to the Ethereum wallet you selected.
How to Redeem USDS
Select the bank account which you want the redeemed funds sent to.
- Enter a desired redemption amount (minimum of only $50).
- Click “Redeem”, you will be given a deposit address to send your USDS to.
- Send the USDS you want to redeem to your personalized deposit address.
- After your USDS is sent to the deposit address and burned by Stably, the corresponding amount of USD will be wired to the bank account you specified.
Stably is proud to charge no fees for purchase or redemption of USDS, outside of associated wire fees from your bank.
Account opening/closure fees: $0 USD
Account maintenance fee: $0 USD per month
USDS purchase fee: 0% per transaction
USDS redemption fee: 0% per transaction
Ethereum gas fee: 0 ETH for USDS purchase, market rates for USDS redemption
Wire fee for USDS purchase: Please refer to your bank or service provider’s fee schedule.
Wire fee for USDS redemption: $0 per transaction
What is USDS?
The biggest and most obvious problem with using popular cryptocurrencies, like Bitcoin, for transactional purposes at the moment, is price volatility. Stably USD (USDS) virtually eliminates this price volatility, while still retaining many useful characteristics of cryptocurrencies — fast transaction speed, anonymity, and immutability.
The immediate use case for USDS is to help crypto-traders preserve their wealth during periods of market volatility. In the future, a stablecoin like USDS could also be applied to other use cases such as fast and borderless payments, an efficient and cheaper solution for remittance, and a reliable alternative to money in developing or hyper-inflationary economies.
Stably is a venture-capital backed startup that is on a mission to connect wealth from the real world to the blockchain economy and help bring stability to the volatile cryptocurrency market.
Follow our Medium blog to stay up to date with all of our latest announcements.
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