What Is StableUSDS & Why Binance Has Decided To List It

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It is true that Binance will soon open trading for BNB/USDS and BTC/ trading pairs at 2019/02/06 03:00 AM (UTC). Meaning that users can now start depositing USDS in preparation for trading.

But before we see what Stableusd is and why Binance wants to list it, you may be glad to know that Binance, the leading crypto-to-crypto exchange, recently announced a partnership with a leading payment processing company Simplex.

This collaborations will now enable users to buy cryptocurrencies with their credit cards directly on Binance.com.

Remember that you can also use Fiat (USD, GBP, and EUR) to buy altcoins at Binance Jersey – an extension of Binance.com. More so, they launched Binance Uganda supporting Ugandan Shillings.

 

 

Now, by accepting credit card payments for crypto, Binance is supporting broader use and accessibility of cryptocurrency worldwide.

In case you want to see it, the feature is live now at https://www.binance.com/en/creditcard/

 

Talking of Simplex,

Simplex is a FinTech company providing guaranteed fraud-less payment processing solutions. Simplex processes credit card payments with a 100% zero fraud guarantee – in case of a chargeback, the merchant gets paid by Simplex.

 

Credit Card Deposit Restricted Countries

AfghanistanChina (Some of Chinese banks are not supported.)
Congo (Brazzaville)Congo (Kinshasa)
CubaDemocratic People’s Republic of Korea
EritreaIran
IraqIvory Coast
KyrgyzstanLebanon
LibyaSouth Sudan
Sudan

 

With that being said, let’s see what StableUSD is.

 

What is StableUSD(USDS)

StableUSD, denoted by USDS is a fiat-collateralized stablecoin created by Stably.

Each StableUSD token is legally backed and redeemable for a US Dollar held in escrow accounts managed by Stably’s regulated trustees, such as Prime Trust.

To provide a complete and up-to-date level of transparency, Stably provides a view of its reserve balance in real-time via a live feed from the API of its reserve holders.

Independent third-party Cohen & Co. also provides regular attestations on the StableUSD reserve balance.

By making StableUSD redeemable and pegged 1-to-1 with US dollars, it virtually eliminates volatility while still retaining many useful characteristics of a cryptocurrency – including fast transaction speed, anonymity, and immutability.

USDS Circulating Supply – 100,000

Issue Price – $1

Consensus Protocol – POW

Total Supply – 6 Billion+

 

Do you know that you can start a career in crypto? This is it on how to. 

 

How Stableusd (USDS) Works Between Bank And USDS

Buying USDS

Bank

Crypto

A verified client sends cash to our third party regulated trustee to initiate the transaction, to be held in an escrow account.

A verified client sends cryptocurrency to our third party regulated trustee to initiate the transaction.

Stably then creates a hash for the offline transaction and submits it to the smart contract.

The cryptocurrency is then sent to a fiat-to-crypto exchange by our trustee to be liquidated for cash.

The smart contract then mints new USDS and sends them back to the client

The cash is then put into a escrow account held our trustee.

 

Redeeming USDS

Bank

Crypto

A verified client sends USDS to the smart contract to initiate the transaction.

A verified client sends USDS to the smart contract to initiate the transaction.

Stably creates a hash for the offline transaction and submits it to the smart contract. The USDS received are then burned.

Our third party regulated trustee sends cash from its reserve to a fiat-to-crypto exchange to purchase crypto.

Our third party regulated trustee then processes the transaction and sends cash from its escrow account to the client.

The smart contract burns the USDS received and our third party regulated trustee sends crypto back to the client..


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The Relevance & Application of USDS

 What Is StableUSDS

 

More Reads

#1. Tools to use & Trade Stablecoins and 300+ Altcoins

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Lest I forget: USDS is a stablecoin designed to be pegged one-to-one with USD (1 USDS = $1 USD). Please be cautious if/when the price deviates from this ratio.

 

Ref: stably.io

 

 

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Isuamfon Offiong

I am Offiong Isuamfon. I Value People 100% Over Profits. After being scammed my last BTC, I HAD to "Delete ALL my Articles" on 19th June 2018 to start ALL OVER AGAIN to protect Beginners against Crypto Vulnerabilities & Making Unsmart Investments in the Crypto/Blockchain Tech. More on meet-the-founder-page

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