First Stablecoin Trading Pair Now Live on Binance DEX
Stably, a venture capital backed blockchain startup which issues USDSB, the first stablecoin to be launched on Binance Chain, has announced that a trading pair for USDSB is going live on Binance DEX today the 24th of June 24, 2019.
Stably was co-founded by Kory Hoang (Chief Executive Officer), a former Private Equity Data Analyst for PitchBook, David Zhang (Chief Technology Officer, who used to be a Software Development Engineer at Amazon, Amiya Diwan (Chief Product Officer), also a former Software Development Engineer at Amazon, and Bryan Guy (Chief Legal Officer), who is a licensed attorney.
Stably on 1st November 2018 announced the early access launch of its pegged and fully dollar-collateralize stablecoin, StableUSD (USDS), which had first been launched on the Ethereum mainnet on 16 August 2018. At the time Stably said the fiat reserves were held in FDIC-insured escrow accounts managed by custodian Prime Trust, and that a leading accounting firm, Cohen & Co., would be conducting weekly attestations for these fiat reserves.
Then, on 1 February 2019, USDS got listed on Binance’.com, and two trading pairs for it—BNB/USDS and BTC/USDS went live on 5 February 2018.
Also in that month, trading pairs to support trading USDS against four other stablecoins—USDT, USDC, PAX, and TUSDbecame available on Binance.com.
Via a blog post published on June 3, Stably announced it was going to issue StableUSD on Binance Chain, and that USDSB, a BEP-2 token, would become the first stablecoin on Binance Chain. Director of Product Management at Stably, Mahraan Qadir, said:
Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of transaction. This makes USDSB one of the fastest major stablecoins on the market, with one-second block confirmation time and the ability to process several thousands of transactions per second.”
Expanding onto Binance Chain will also allow the Stably team to eventually submit a proposal to list USDSB on Binance DEX, an initiative that we are planning to achieve in the coming weeks. If it is approved by the validators and gets listed, USDSB will become the first stablecoin to launch on Binance DEX…”