Stably, a venture-capital backed startup with the goal of connecting the blockchain economy and bringing stability to the volatile cryptocurrency market, has announced the official launch of its stablecoin, USDS, on the Binance combined stablecoin market.
Binance will open trading for BNB/USDS and BTC/USDS trading pairs on Tuesday, February 5th, 2019 at 7:00p PST. Users can start depositing USDS tokens now in preparation.
USDS is a stablecoin designed to be pegged one-to-one with USD (1 USDS = $1 USD). This ratio is guaranteed whenever users want to purchase or redeem USDS directly with Stably, because Stably holds a one-to-one reserve of USD against all issued USDS in the market.
On the open market (i.e. on exchanges such as Binance), this ratio may not be one-to-one, due to various market forces such as demand and available liquidity. Users should be cautious if/when the price deviates from this ratio.
To provide a complete and up-to-date level of transparency on their reserve, Stably provides a view of its reserve balance in real-time, via a live feed from the API of their reserve holder, Prime Trust.