In an important development, Stably had finally been able to list its StableUSD on the Binance DEX which is the largest cryptocurrency exchange by the trading volume. This means now the trader have the additional opportunity to hedge against the volatility and risks, especially while redeeming the value of cryptocurrencies against the fiat currency. In addition, the listing of the StableUSD also means traders can have access to a number of strategic initiatives and tools which can help them to conceive new strategies in the field of algorithm and automated trading.
Commenting on this occasion, the chief executive officer and founder of the Stably, Kory Hoang, said that they are excited to have this new association with Binance and hope that this listing will open up a new world of opportunities for the traders especially working in the domain of decentralized trading. The founder also expressed the commitment of closely working with Binance community.
Just so you know, in February earlier this year Binance listed StableUSD and now the trading will start from 10:00 AM universal time coordinated (UTC) on June 24. The trading will be in pairs of USBSB/USDS and USDSB/USDT. Stably has created the StableUSD and it is issued by the regulatory authority for USDSB and USDS, the Prime Trust. The similarity between Tether and USDS are now being discussed in crypto circles though there is a fundamental difference between Tether and USDS. While Tether has very selective and restrictive criteria when it comes to issue and redemption of the token, there is no such limitation in the case of USDS. USDS can be issued and redeemed by anyone with only mandatory requirement being is to submit a support ticket which has to be done through Stably. As every USDS token is pegged to the US dollar, thereby taking the volatility factor away, which is associated with most of the cryptocurrencies.
Implications for Crypto Industry
The launch and trading of the stablecoins are on the rise, which is a healthy trend for the adoption of digital coins around the world. The biggest advantage of the stablecoin is their stability, which means unlike other cryptocurrencies, the value of stablecoins will not change with the up and down movement of the market. In fact, this stability factor is the biggest reason why organizations cutting across the domains are getting attracted to the concept of stablecoins. The recent example is Facebook, which is readying its Libra stablecoin for the launch. The social media giant has partnered with some of the biggest names in the industry including Visa, MasterCard, and eBay in order to support its project and is confident that its stablecoin will become popular among its users.