We are pleased to share that USDS (USDS) is now listed on Coinhako.
What is USDS (USDS)?
USDS is the stablecoin of Sky Protocol, designed as an upgraded version of DAI.
It is pegged to the US dollar and offers additional features within the ecosystem, such as token rewards and access to the Savings Rate.
How does USDS work?
Stability mechanism
USDS maintains its peg through overcollateralisation and mint-burn dynamics, similar to DAI. Users can convert between USDS and DAI at a 1:1 ratio within the Sky ecosystem.
Integrated ecosystem utility
USDS is designed to operate seamlessly within the Sky Protocol, supporting activities such as earning token rewards and accessing the Savings Rate through integrated platforms like Sky.money.
Decentralised structure
Unlike some traditional stablecoins, USDS operates within a decentralised, community-governed framework, allowing users to participate in governance and ecosystem decisions.
Why does USDS stand out?
Enhanced utility within the ecosystem
USDS offers additional features beyond basic stablecoin functionality, including access to reward mechanisms and integrated earning opportunities.
Seamless upgrade from DAI
As part of the transition from Maker Protocol to Sky Protocol, USDS retains DAI’s core design while introducing expanded functionality and ecosystem integration.
Native integration and flexibility
USDS supports ERC-20 standards with advanced features such as permit functionality, enabling efficient transactions and interactions across decentralised applications.
What can you do with USDS on Coinhako?
USDS is available across supported trading pairs on Coinhako.
With USDS, you can:
- Trade USDS (buy, sell, and swap) with SGD and USD
- Deposit and withdraw USDS
- Fund your SGD wallet instantly via PayNow or other supported payment methods
- Purchase USDS using Visa or Mastercard
Explore USDS and stay up to date with evolving market opportunities.
Risk Warning on Digital Payment Token Services
Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).
The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.
Before you pay your DPT service provider any money or DPT, you should be aware of the following.
- Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
- You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
- You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
- You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as "stablecoin".
Visit: Coinhako.com/risk-disclosure for more information.
