Binance Decentralized Exchange (DEX) is all set to list as many as five new stablecoins on its platform. All the five stablecoins pegged to fiat are from the recognized issuer TrustToken, a firm backed by the renowned venture capital company Andreessen Horowitz (also known as a16z).
TrustToken disclosed while talking to The Block that the five stablecoins that they are planning to launch soon on Binance Chain, the native blockchain of Binance DEX, are TrueGBP, TrueUSD, TrueHKD, TrueCAD, and TrueAUD. As of now, these stablecoins were available only on Ethereum in the form of ERC20 tokens.
Divulging more details, TrustToken said that the unveiling of these stablecoins on Binance’s non-custodial exchange would facilitate new fiat onramps that will let the users enjoy more options for moving between bank accounts and digital currencies. In addition, users of Binance DEX would also be able to trade stablecoins with a mere 0.04 percent trading fees.
The CEO and Co-Founder of TrustToken, Jai An, stated that they aim to offer hassle-free access to trusted stablecoins to more users.
Among the list of five stablecoins, TrueUSD will be the first one to get listed, trading of which is slated to begin from 8th August. For the remaining four tokens, TrustToken will be sending the listing proposals in forthcoming weeks, as reported by The Block.
It’s worth noting that Stably had issued the first stablecoin USDSB on Binance Chain that got listed on the Binance DEX back in June this year.
TrustToken was established in the year 2017 and went on to launch USD-backed stablecoin TrueUSD in March last year. Since then, the company has further introduced four more stablecoins: British pound-backed stablecoin TrueGBP, Hong Kong dollar-backed stablecoin TrueHKD, Canadian dollar-backed stablecoin TrueCAD, and Australian dollar-backed stablecoin TrueAUD. Moreover, the firm is also in the process of launching Singaporean dollar-backed stablecoin very soon. The firm has partnered with Cred, a crypto lending platform, to let TUSD (TrueUSD) holders earn up to 8 percent annual interest on their stablecoin holdings.
Binance, on the other hand, was recently in the news for listing Bitcoin-pegged token BTCB on its Exchange.