Stably has launched a new token, USDS.B, on the Binance Chain, making it the first stablecoin to be launched on the platform. USDS.B is a US Dollar backed token, which will be the first for Binance DEX, Binance ecosystem’s decentralized exchange.
— Stably (@StablyCoin) June 3, 2019
Stably ecosystem is based on the Ethereum Blockchain. However, it promises to bring in support for other networks shortly. The launch of USDS.B has made Stably on the largest stablecoin ecosystem. The platform’s native token StablyUSD (USDS), was launched in the last quarter of 2018. Stably aims to create a more efficient global infrastructure for transferring and settling funds, which would give everyone access to a faster and affordable payments solution.
Crypto markets are extremely volatile, and the bears of 2018 are a testimony to the fact. This makes skeptics maintain a distance from investing in digital assets. Stablecoin, which are generally backed by either a fiat currency like the USD or any other traditional asset like gold, is the best way to pull in traditional investors to the market. These tokens provide the best of both worlds, by giving the stability of a traditional asset, with all the benefits of a distributed ledger, like decentralization, transparency, quick transactions, etc.
In its official statement on Medium, Stably stated,
Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of the transaction. This makes USDS.B 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.
The USDS.B token will be, like USDS, backed by the USD in ration 1:1. Commenting on the development, Changpeng Zhao, CEO of Binance said,
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.