Non-custodial exchange Binance DEX is soon going to list five new fiat-pegged stablecoins from issuer TrustToken, which is backed by notable venture capital firm Andreessen Horowitz.
Revealing the news exclusively to CBNN, TrustToken said Wednesday that the stablecoins – TrueUSD, TrueGBP, TrueAUD, TrueCAD, and TrueHKD – are launching on Binance Chain, the native public blockchain from the exchange.
Until now, the five stablecoins were only available as ERC-20 tokens on Ethereum.
The launch of the stablecoins on Binance DEX would enable new fiat on-ramps, increasing options for users to move between cryptocurrencies and bank accounts, TrustToken said. It would also allow the non-custodial exchange’s users to trade the stablecoins with trading fees as “low as 0.04%.”
In June, Stably was the first to issue a stablecoin on Binance Chain and get it listed it on the Binance DEX.
Binance DEX will list TrueUSD next, which is scheduled to go live for trading on Aug. 8th. The proposals for listing the other four stablecoins (GBP, AUD, CAD, HKD) will be submitted by TrustToken “over the coming few weeks.”
“Our goal is to provide more users with easy access to stablecoins they can trust,” said TrustToken co-founder and CEO, Jai An.
Founded in 2016, TrustToken introduced TrueUSD stablecoin, which is pegged 1:1 to the U.S. dollar, in January 2018. Over the period, the issuer also launched TrueGBP, pegged to the British pound, TrueHKD, pegged to the Hong Kong dollar, TrueCAD, pegged to the Canadian dollar and TrueAUD, pegged to the Australian dollar. The issuer’s website says TrueSGD, a stablecoin pegged to the Singaporean dollar is also “coming soon.”
All five stablecoins provide attestations of their fiat backing by the third-party accounting firm Cohen & Co. To provide users a chance to earn interest on their holdings, TrustToken also recently collaborated with cryptocurrency lending platform Cred.
The partnership allows TrueUSD stablecoin to earn “up to 8%” annualized interest on their holdings.
Looking ahead, TrustToken plans to issue its stablecoins on “one or two additional blockchains by year-end,” a source familiar with the matter told CBNN.