Switcheo Announce SDUSD Stablecoin Support – Details
Switcheo, the Singapore crypto exchange has announced over the holiday period that it now supports the Alchemist launched SDUSD stablecoin. The coin was created to hold the value of $1 and is locked to NEO. The stablecoin is dollar pegged.
According to Switcheo Exchange, the NEO/SDUSD pairing will be available on the platform from December 27th onwards.
Switcheo announced via a press release that Alchemint’s smart contract based SDUSD coin will debut on the Singapore crypto exchange and will be the first fiat-pegged pairing with NEO. 1 SDUSD will be stabilized with $1 USD through the collateralization of NEO smart contracts
Switcheo’s support of the SDUSD/NEO pairing is available and an extract from the statement reads:
“SDUSD will be open for deposits on 27 Dec, 11.30am SGT (UTC+8) and trading will commence on 27 Dec, 12.00pm SGT (UTC+8).”
The Singapore based crypto exchange is regarded as the first decentralized exchange to use the NEO blockchain, which allows you to trade both Ethereum and NEO.