Bittrex Crypto Exchange Platform Lists StableUSD (USDS) Stablecoin

StableUSD (USDS), a newly born stable coin, now listed Bittrex, a crypto exchange platform.

Stably is the startup behind StableUSD and backed by venture capital. It already raised seed funding from 500 Startups, Beenext Ventures, and angel investors to kickstart our project.

With this announcement, StableUSD (USDS) has joined the league of other major stablecoins such as the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD).

Digital Exchanges around the world are trying hard to bring stability to crypto market by listing stablecoins. Here is the list of a recent listing of different stablecoins on different crypto exchanges.
  • Recently, Liquid cryptocurrency exchange platform listed GUSD and USDC on their platform.
  • CobinHood Cryptocurrency Exchange Lists Four Major Stable-Coins namely the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD).
  • Binance Cryptocurrency Exchange Platform Lists USDC Stable Coin
Cryptocurrencies such as Bitcoin, Ethereum and other Altcoins can be extremely volatile. Some of them moving up and down by around a factor of 20 to 30 percent within a couple of hours. It is believed that stablecoins can help bring much-needed stability and predictability into crypto markets though this hypothesis remains to be tested to be true. Stablecoins are generally pegged against fiat currency like USD, EUR, CNY or JPY and sometimes against gold or oil.

Brief about USDS Stablecoin

StableUSD Coin (USDS), a regulated, US dollar-backed stable coin governed by Stably and audited by an auditor, Cohen & Co. The claim is that this ratio is guaranteed whenever one purchases or redeems USDS directly with Stably only. Stably holds a one-to-one reserve of USD against all issued USDS in the market. This ratio may not be one-to-one in the open market though.

Etherscan lists the Ethereum transaction history for USDS here. As of now, Bitrex is trading USDC-BTC pair only.

Stably's announcement further said, "The first exchange that USDS will be listed on is Bittrex, which will open trading for USDS/BTC trading pairs at 9:00 AM PST (Thursday, December 6th, 2018). Leading third-party auditor, Cohen & Co., will provide regular attestations on our reserve balance — an attestation on our initial balance will be published next week. Additionally, you can find a link to our smart contract and Ethereum transaction history for USDS here."

More details about USDC stable coin redemptions and purchases are available here.

Update: corrected twitter link

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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