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Stably, a venture-capital backed startup, has announced that its US dollar-pegged stablecoin StableUSD (or USDS) will be issued on Binance Chain, the native blockchain platform launched by cryptocurrency exchange Binance in April.
The startup first announced the launch of Ethereum-based USDS in December 2018 with its listing on Bittrex exchange. Each token is legally backed and redeemable for a US Dollar held in FDIC-insured escrow accounts managed by our fiduciary custodians, such as Prime Trust, the company states on its website.
In an online post dated June 03, Stably announced USDS.B – the first stablecoin issued on Binance Chain. It will be based on the BEP2 token standard.
“Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of transaction. This makes USDS.B 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,” Mahraan Qadir, Director of Product Management at Stably, said.
Stably said that it will be issuing the maximum supply of USDS.B at the beginning, totaling to 90 billion tokens, which would be moved to a treasury wallet and that supply will be frozen. It further explained that users would be able to “move between USDS on the Ethereum network and Binance Chain.”
“The initial supply of USDS.B will be created this way, by swapping some of the ERC-20 supply,” it said, adding that to swap between USDS and USDS.B, ERC-20 USDS tokens will be burned and an equivalent amount of USDS.B will be unfrozen from the treasury wallet.
In the coming weeks, Stably plans to submit a proposal to list USDS.B on Binance DEX, which will make USDS.B the first stablecoin to launch on Binance’s decentralized exchange.
Earlier this week, Changpeng Zhao, CEO of Binance, confirmed in a tweet that they are trialing a new stablecoin pegged to the British Pound.
