Binance to List stablecoin StableUSD (USDS)

Binance announced that they will be listing StableUSD (USDS) stable coin on their crypto trading platform on 6th Feb 2018.

StableUSD (USDS) will be the fifth stablecoin on Binance after US Tether (USDT), Paxos Standard Token (PAX),  TrueUSD (TUSD) and USD Coin (USDC). Other popular stable coins are Gemini Dollar (GUSD), MakerDao (DAI).

Why StableCoins?

Cryptocurrencies such as Bitcoin, Ethereum and other Altcoins can be extremely volatile. Some of them moving up and down by around a factor of 20 to 30 percent within a couple of hours. It is believed that stablecoins can help bring much-needed stability and predictability into crypto markets though this hypothesis remains to be tested to be true. Stablecoins are generally pegged against fiat currency like USD, EUR, CNY or JPY and sometimes against gold or oil.

Digital Exchanges around the world are trying hard to bring stability to crypto market by listing stablecoins. Here is the list of a recent listing of different stablecoins on different crypto exchanges.

• Recently, Liquid cryptocurrency exchange platform listed GUSD and USDC on their platform.
• CobinHood Cryptocurrency Exchange Lists Four Major Stable-Coins namely the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD).
• Binance Cryptocurrency Exchange Platform also recently Listed USDC Stable Coin

Brief about StableUSD

StableUSD Coin (USDS), a regulated, US dollar-backed stable coin governed by Stably and audited by an auditor, Cohen & Co. The claim is that this ratio is guaranteed whenever one purchases or redeems USDS directly with Stably only. Stably holds a one-to-one reserve of USD against all issued USDS in the market. This ratio may not be one-to-one in the open market though.

Stably is the startup behind StableUSD and backed by venture capital. It already raised seed funding from 500 Startups, Beenext Ventures, and angel investors to kickstart our project.

Etherscan lists the Ethereum transaction history for USDS here. As of now, Binance will start trading BNB/USDS and BTC/USDS trading pairs only.