The popular cryptocurrency exchange Bitget has announced the listing of StableUSD (USDS), a fiat-collateralized stablecoin pegged to the US Dollar. Effective immediately, traders on Bitget will be able to buy and trade USDS. This addition to the exchange reinforces Bitget's position as a hub for users seeking access to innovative and stable financial assets.
What is StableUSD (USDS)?
StableUSD (USDS) is a fiat-backed stablecoin developed by Stably. Each USDS token is legally backed and redeemable for USD held in FDIC-insured escrow accounts, ensuring its stability and reliability. Similar to other notable stablecoins like DAI, USDS utilizes minting and burning functionalities to maintain its peg to the US Dollar. Moreover, USDS tokens are designed to work seamlessly across multiple blockchain protocols, starting with Ethereum.
Features of USDS
One of the key features of USDS is its focus on investor returns, offering an attractive annual percentage yield (APY) of up to 12.50%. This allows holders to benefit not only from its price stability but also from an additional income stream in decentralized finance (DeFi) applications. Furthermore, liquidity providers supporting USDS can rely on the token's extensive backing by treasuries, overnight repos, and cash.
USDS on Bitget
The inclusion of USDS on Bitget marks another stride in the exchange's commitment to providing users with diverse financial opportunities. According to Bitget’s announcement, USDS will be integrated into the Innovation and DeFi Zone. This implies that USDS could offer more opportunities for decentralized trading and broader adoption within the DeFi ecosystem. The listing provides direct 1:1 conversion options with another prominent stablecoin, DAI, ensuring seamless integration for DeFi users seeking flexibility and stability.
Market Impact and Circulation
The rising demand for USDS is evident with its circulation surpassing $89 million in less than a day on platforms like Solana. Stablecoins are increasingly pivotal for cryptocurrency adoption, and USDS’s remarkable growth trajectory mirrors the market’s faith in its credibility. With Bitget's global reach, this partnership is expected to further boost USDS’s adoption, cementing its status among the leading stablecoins.
How to Get Started
Users interested in trading or holding USDS can now access it directly via Bitget’s trading platform. The steps to purchase and trade USDS are outlined in the platform’s guides, ensuring a seamless experience for both beginner and advanced traders.
With its stable value, strong backing, and availability on leading exchanges like Bitget, StableUSD (USDS) is poised to attract more users seeking stability and trust in the fast-paced and volatile world of cryptocurrencies.
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