Stably Issues USDSB on Binance Chain
Stably issues USDSB, the first stablecoin to be launched on Binance Chain, becoming one of the fastest major stablecoins on the market.
Since our launch on the Ethereum mainnet in 2018, Stably has been setting new standards for transparency and usability in the stablecoin industry. Today, we are excited to announce the next blockchain protocol that USDS will be issued on: Binance Chain.
Built upon the BEP2 token standard, USDSB is the first stablecoin in the world to be issued on Binance Chain. We are very excited to bring our transparent and easy-to-use stablecoin to the Binance Chain ecosystem.
Why Binance Chain?
Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of transaction. This makes USDSB one of the fastest major stablecoins on the market, with one-second block confirmation time and the ability to process several thousands of transactions per second.
Expanding onto Binance Chain will also allow the Stably team to eventually submit a proposal to list USDSB on Binance DEX, an initiative that we are planning to achieve in the coming weeks. If it is approved by the validators and gets listed, USDSB will become the first stablecoin to launch on Binance DEX, making it possible for other Binance Chain projects to establish transparent and liquid on-chain trading pairs with USDSB.
“I think projects are attracted to Binance Chain for its security, speed and ease of use. Binance Chain has no custody of funds, which means traders maintain control of their private keys and assets, and trade wallet-to-wallet on Binance DEX.” — Changpeng Zhao, CEO of Binance
Creation and Redemption of USDSB
Due to the way that Binance Chain is structured, we will be issuing the max supply of USDSB at the beginning — a total of 90 billion tokens. The entirety of these tokens will be moved to a treasury wallet and that supply will be frozen.
Swap USDSB with ERC-20 USDS
Users will be able to move between USDS on the Ethereum network and Binance Chain. The initial supply of USDSB will be created this way, by swapping some of the ERC-20 supply. To swap between USDS and USDSB, the following steps will be taken:
- ERC-20 USDS tokens will be burned
- An equivalent amount of USDSB will be unfrozen from the treasury wallet
Create USDSB
To create any USDSB, the following steps will be taken:
- USD will be added to the USDS reserve
- An equivalent amount of USDSB will be unfrozen from the treasury wallet
Redeem USDSB
To redeem any USDSB, the following steps will be taken:
- USDSB will be added back into the treasury wallet
- An equivalent amount of USD will be removed from the USDS reserve
Transparency
USDSB is backed by 1:1 with a USD reserve, just like our USDS ERC-20 token is.
As always, you will be able to see the reserve balance of StableUSD in real-time via a live feed from the API of our reserve holder, Prime Trust. This dashboard is available for anyone on the StableUSD platform.
The StableUSD in circulation and USD in our reserve numbers displayed on our dashboard will show the sum of tokens issued on Binance Chain and our ERC-20 tokens and the sum of the USD reserves for each of those tokens respectively.
Tracking Creation and Redemptions for USDSB
To maintain an additional level of transparency — because the max supply of USDSB is being issued and held in a treasury wallet — the Stably team will post every time a freeze or unfreeze happens on community.binance.org, on this thread.
About Stably
Stably is a venture-capital backed startup. Our vision for the future is to create a more efficient global infrastructure for transferring and settling funds — faster, cheaper, and accessible to all.
What is USDS?
USDS is a stablecoin created by Stably and issued by Prime Trust, a Nevada-chartered trust company that is also the regulated administrator for USDS. Stablecoins are cryptocurrencies that are equivalent to national currencies — i.e. digital cash. Regulated, fiat-backed stablecoins are backed by physical reserves of cash and can be redeemed at a 1:1 ratio.
USDS virtually eliminates the crippling price volatility of traditional cryptocurrencies, like Bitcoin and Ethereum, while still retaining many of their useful characteristics.
Follow our Medium blog to stay up to date with all of our latest announcements.
Contact:
Legal: legal@stably.io
Press: marketing@stably.io
Exchanges or market makers: exchanges@stably.io
Partnerships: Amiya Diwan, Chief Product Officer — amiya@stably.io
Investors: Kory Hoang, Chief Executive Officer — kory@stably.io