Cryptocurrency exchange, Binance DEX listed its first stablecoin called StableUSD, recently.
An official announcement from the company that backs the stablecoin, Stably said, “USDSB is the first stablecoin to launch on Binance DEX, making it possible for other Binance Chain projects to establish transparent, liquid, and stable on-chain trading pairs.
In addition to the pairs above, we are also planning to list USDSB with additional assets on Binance DEX very soon in the near future.”
The post advised Binance and other users that it was extremely easy to create or redeem USDSB, as well as swap with our ERC-20 USDS token, by opening a support ticket, and asking for help from the concerned operator. It further added that the tokens could be stored on users’ wallets on Binance.com. The other two wallets where this token can be stored are, Trust Wallet and Zelcore.
For those uninitiated, the token 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.
The exchange was in the news last week, when it announced that it was partnering with a US-based trading company, in order to gain a foothold in the country. At the time, the Chief Executive Officer (CEO) of Binance, Changpeng Zhao, had said, “We are excited to finally launch Binance.US and bring the security, speed, and liquidity of Binance.com to North America. Binance.US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.”
A representative from the BAM Trading Service had added, “It is an honor to partner with Binance to launch the U.S. extension of Binance, leveraging its tier-one security and technology in tandem. We are committed to providing a secure and compliant platform, and beginning the start of a fruitful alliance with Binance.”
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