Last November, Stably announced the launch of its dollar-collateralized stablecoin, StableUSD (USDS). The coin was first launched on the Ethereum mainnet in August 2018.
Stably was co-founded by CEO Kory Hoan, former Private Equity Data Analyst for PitchBook, David Zhang, former Software Development Engineer at Amazon, Amiya Diwan, former Software Development Engineer at Amazon, and Bryan Guy, who is a licensed attorney.
In February 2019, USDS became listed on the Binance’s centralized exchange, two trading pairs also went live; BNB/USDS and BTC/USDS. Thereafter, trading pairs to support trading USDS against four other stablecoins (like USDT, USDC, PAX, and TUSD) became available on Binance.
Enormous benefits for Stablecoin users
In March, Stably stated that USD had received support from Binance’s over-the-counter (OTC) desk. CEO Kory Hoang said: “Partnering with Binance OTC allows us to provide even more liquidity to trading shops who want to move large amounts between major cryptocurrencies and USDS.”
Stably announced in a publication on June 3rd that it was going to issue StableUSD on Binance Chain. It also announced that USDSB, a BEP-2 token, would be the first stablecoin on Binance Chain.
Director of Product Management at Stably, Mahraan Qadir, also mentioned that: “Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of transaction.”
Expanding onto Binance Chain will also allow the Stably team to eventually submit a proposal to list USDSB on Binance DEX, he added. This initiative has been scheduled for coming weeks. When it’s approved by validators and gets listed, USDSB will become the first stablecoin to launch on Binance DEX. But, three weeks later, another publication by Qadir announced that USDSB has been listed on Binance DEX and trading pair BNB/USDSB are live on Binance DEX now. In the future, Stably plans to list USDSB with additional assets on Binance DEX.