One of the leading cryptocurrency exchanges, Binance DEX is all set to list five new stablecoins on its platform. All the 5 stable coins are from the recognized issuer TrustToken, a firm backed by the renowned venture capital company Andreessen Horowitz.
According to the exclusive reports of The block, TrustToken announced on Wednesday the launch of 5 stable coins on Binance Chain. The stable coins are : TrueUSD, TrueGBP, TrueAUD, TrueCAD, and TrueHKD. Previously, these stable coins were only available as ERC-20 tokens on Ethereum.
As per trust token, this stable coin listing would provide new fiat onramps, increasing options for users to transfer between cryptocurrencies and bank accounts. It would also allow the non-custodial exchange’s users to trade the stable coins with trading fees “as low as 0.04%.”
The announcement claims that the Binance DEX will list TrueUSD, which will go live for trading on Aug. 8. The listing of other four stable coins (GBP, AUD, CAD, HKD) will be announced by TrustToken in coming weeks.
TrustToken co-founder and CEO, Jai An said that “Our goal is to provide more users with easy access to stable coins they can trust,”
Additionally, TrustToken recently Partnered with Cred, which is a cryptocurrency lending platform. This collaboration enabled TrueUSD stable coin to earn “up to 8%” annualized interest on their holdings.
Moreover, TrustToken also plans to issue its stable coins on additional blockchains by the end of the year.