The Binance Exchange listed trading pairs for its stablecoin, the USDSB. The stablecoin of Binance is a derivation of StableUSD (USDS), based on the blockchain exchange, the Binance Chain. The currency was developed by the startup Stably and it’s the first stablecoin of the exchange. The information was released on the website Cointelegraph.
The trading pairs launched are against the tether (USDT) and against its own StableUSD, from which the USDSB is derived. The USDSB is a stablecoin pegged in ratio 1:1 to the US dollar, issued in the BEP2 token pattern of Binance in early June.
According to a post on the blog of Stably, the Binance is also releasing the pair USDSB/BNB. The BNB is the Binance Coin, the Binance native token, based on the Protocol ethereum ERC-20.
The USDS was issued by the fiduciary company of Nevada Prime Trust, which is also the administrator regulated to the USDS. The stablecoin was launched in February 2019 as an alternative to the existing stablecoins. That way, traders have been granted to their disposal one more value preservation asset in times of high volatility.
Thus, each USDS token is quoted in one to one US dollar. Users can secure custody of the USDSB at Binance.com. You can also manage the tokens using the Trust Wallet or another wallet that supports the pattern of the BEP2 token.
Stablecoin of Binance will enable other trading pairs
The Binance is the world’s largest exchange for trading volume set. The release allows other Binance projects to establish trading pairs in the chain. By these means, those can become more transparent, liquid and also more stable. So, in addition to the new token, the company will also work with partners who want to issue their own coins in the Binance Chain.
According to experts, as Binance has just released its first stablecoin, it shall increase the number of fast-growing competitors in this segment.
The company had also added that they are planning to introduce more assets in Binance DEX, exchange platform without custody of Binance. According to the company’s announcement, that will happen “very soon, in the near future”.