Stably is excited to announce the launch of our first USD trading pair with our stablecoin, Stably USD (USDS)! USD/USDS will first be listed on Bittrex at 9:30 AM PST today (Thursday, January 3rd, 2019).
Start trading: https://bittrex.com/Market/Index?MarketName=USD-USDS
How Does USDS Stay at $1?
USDS is a stablecoin designed to be pegged one-to-one with USD (1 USDS = $1 USD). This ratio is guaranteed whenever you want to purchase or redeem USDS directly with Stably, because Stably holds a one-to-one reserve of USD against all issued USDS in the market. View our latest attestation here.
On the open market (e.g. on exchanges such as Bittrex), this ratio may not be one-to-one, due to various market forces such as demand and available liquidity. Please be cautious if/when the price deviates from this ratio.
How to Purchase and Redeem USDS
In the coming weeks, Stably will release a platform to make it easy for users to purchase and redeem USDS, making it simple to move between fiat and crypto.
Until that time, users can make purchase and redemption requests for USDS here. A member of the Stably on-boarding team will then contact you to guide you through the process for purchase and redemption of USDS. At this time, the minimum for creation / redemption of USDS is $5000. In the coming weeks, once the Stably platform is live, our minimum will be $50.
Stably charges no fees for purchase or redemption, outside of associated wire fees from your bank or our regulated trustee for depositing or receiving USD. Our fee schedule is subject to future changes without notice but we will make every best effort to inform existing account holders of such decision in a reasonable amount of time before it happens.
Account opening/closure fees: $0 USD
Account maintenance fee: $0 USD per month
USDS purchase fee: 0% per transaction
USDS redemption fee: 0% per transaction
Ethereum gas fee: 0 ETH
Wire fee for USDS purchase: Please refer to your bank or service provider’s fee schedule.
Wire fee for USDS redemption: Please refer to Prime Trust’s wire fee schedule, currently $15 domestic / $35 international.
Stably is a venture-capital backed startup that is on a mission to connect wealth from the real world to the blockchain economy and help bring stability to the volatile cryptocurrency market. We raised seed funding from 500 Startups, Beenext Ventures, and angel investors to kickstart our project.
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