Stably's fiat-backed stablecoin, StableUSD (USDS), is officially set for trading on the world's leading cryptocurrency exchange, Binance. Designed to bring enhanced transparency and trust to the stablecoin market, USDS offers a reliable digital asset pegged to the U.S. dollar.
Binance announced that trading for StableUSD (USDS) would commence on February 6th, 2019, at 03:00 UTC (February 5th, 19:00 PST). The launch initially includes two key trading pairs: BTC/USDS and BNB/USDS. In anticipation of trading activity, users were able to deposit USDS into their Binance accounts prior to the official listing.
Speaking with CryptoSlate, Stably's CEO Kory Hoang shared his excitement about the strategic partnership:
“The Stably team is incredibly excited to partner with Binance. This listing is a testament to the vibrant tech community in Seattle and our team's relentless drive to innovate in the digital asset space!”
Meanwhile, Mahraan Qadir, Vice President of Marketing at Stably, outlined that the team's ambitions extend far beyond this single achievement:
“Our momentum won't stop here. We will continue to pursue listings on additional major exchanges, expand our trading pairs, and collaborate with top-tier market makers to provide deep liquidity for the entire crypto ecosystem.”
What's particularly remarkable is the efficiency with which the Stably team reached this milestone. Unlike many projects that raise millions in funding and deliver underwhelming results, Stably bootstrapped its way to a listing on the world's largest exchange by trading volume.
“With just half a million in seed funding and less than a year of development, this lean team of seasoned engineers built a world-class stablecoin and secured a listing on the planet's top cryptocurrency exchange.”
Stably's success could either be an outlier or a sign of a significant industry shift. In the post-ICO era of 2017, smarter capital management and highly capable teams are enabling more projects to innovate without requiring massive external funding.
Despite the successful launch, Stably faces significant challenges to establish itself as a leading stablecoin.
For instance, the current circulating supply of StableUSD is still limited, which can impact liquidity. To date, Stably's market capitalization has only recently surpassed $6 million, a stark contrast to Tether's (USDT) market cap of over $2 billion.
Fortunately, listings on major exchanges like Bittrex and now Binance are critical steps that will dramatically improve liquidity and encourage more users to mint USDS by depositing U.S. dollars.
Building on the momentum from the Binance listing, Stably is already executing its plan to expand its product offerings and pioneer new features in the stablecoin sector. Hoang elaborates on their vision:
“We have an ambitious roadmap for this year, including creating a global referral network, developing a privacy-focused meta-stablecoin, expanding across multiple blockchain protocols, and, of course, listing our tokens on many more exchanges.”
Qadir further detailed the multi-chain strategy, explaining Stably's plan to offer an equivalent stablecoin on other prominent blockchains:
“Stably is committed to being protocol-agnostic. While we are live on Ethereum, our plan includes launching on other major protocols, including Stellar and EOS, to ensure maximum accessibility and speed for our users.”
Even with this optimism, the stablecoin market is intensely competitive. There are over 60 visible stablecoin projects vying to challenge Tether's (USDT) dominant position. Some have forecasted USDT's decline due to its questionable reserve practices, and these emerging stablecoin projects are likely aiming to capitalize on any potential shift in the market.
For now, Tether remains the leading stablecoin by market share, although its dominance is being eroded by new entrants like Circle's USDC and Gemini's GUSD.
Whether Stably can maintain its momentum and solidify its place as a top-tier stablecoin in the long term remains to be seen.
