- Stably Issues Dollar-Pegged Stablecoin USDS.B on Binance Chain
- The stablecoin has a maximum supply of 90 billion tokens
- The entirety of USDS.B tokens will be moved to a treasury wallet and the supply will be frozen
According to a Medium post published June 3, 2019, venture capital-backed firm Stably has unveiled a new stablecoin called USDS.B which is to be launched on Binance Chain.
Stablecoin on Binance DEX
The launch of Binance’s decentralized exchange (DEX) has taken the cryptocurrency industry by storm. The goodwill enjoyed by the Malta-based cryptocurrency exchange in the industry is one of the major reasons why the anticipation surrounding its DEX was sky-high.
Now that Binance DEX has launched, a number of blockchain and cryptocurrency startups are making their moves to get listed on the highly reputed trading platform. One of these curious startups is Stably.
Boom! Welcome the first stable coin @StablyCoin on @binance_dex. And it is not operated by Binance. Early adopters usually rip big benefits when the adopted platform/technology works out. https://t.co/q13n4eupEv
— CZ Binance (@cz_binance) June 3, 2019
Following their launch on the Ethereum mainnet in 2018, today Stably announced that they’ll be launching the new stablecoin – USDS.B – on Binance Chain. USDS.B is not only the first stablecoin to be issued on Binance Chain but it is also different from all other existing stablecoins in the market in that it is built upon the BEP2 token standard.
Reasons for Choosing Binance Chain
In their blog post, Stably mention that a number of reasons played into their decision to choose Binance Chain as the platform for launching the stablecoin, including improved security courtesy of the decentralized design of the exchange, ease of use, and speed of the transaction. Running on Binance Chain will also allow for rapid transaction confirmations. The startup stated that Binance Chain can process several thousand transactions per second.
Further, expanding onto Binance Chain also gives the window of opportunity to Stably to submit their proposal in the future to get listed on Binance DEX. Quoting Binance CEO, Changpeng Zhao, the Medium post reads:
“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.”
The Nitty-Gritty of USDS.B on Binance Chain
The initial maximum supply of the dollar-pegged stablecoin has been fixed at 90 billion tokens, the post reads. Also worth highlighting is how Stably stresses the importance of transparency, an element that was recently seen lacking in the midst of the whole Tether-Bitfinex fiasco.
At all times, users will be able to view the reserve balance of StableUSD in real-time via a live feed from the API of Stably’s reserve holder, Prime Trust. Moreover, to further bolster the transparency aspect, the Stably team will notify its users every time a freeze or unfreeze happens on the USDS.B treasury wallet.