The latest crypto news show that stablecoins are still in the focus, after a Singaporean crypto exchange named Switcheo announced over the holiday period that it now supports the Alchemint launched SDUSD stablecoin. This dollar-pegged coin was created in order to hold the value of $1 and is naturally locked to the NEO altcoin.
Switcheo Exchange made an official announcement in which it shows that the NEO/SDUSD pairing will be available from December 27th on the platform as the stablecoin makes its debut in the crypto markets.
In a press release, Switcheo said that Alchemint’s smart contract based SDUSD coin will debut on the Singapore crypto exchange and will be the first fiat-pegged pair with NEO. In that way, 1 SDUSD will be stabilized with $1 USD through the collateralization of NEO smart contracts.
“SDUSD will be open for deposits on 27 Dec, 11.30am SGT (UTC+8) and trading will commence on 27 Dec, 12.00pm SGT (UTC+8),” the exchange noted.
Switcheo is seen as the first decentralized exchange to use the NEO blockchain which allows traders to trade both Ethereum and NEO. Currently, it is looking to create a DEX network that will offer cross-chain swapping features in a variety of blockchain networks. The ultimate goal of Switcheo is to offer a trading experience that merges a world-class experience with trust and transparency within a decentralized platform.
Meanwhile, Alchemint plans to offer a transparent stablecoin issuance system in the future. So, if you are looking to back your NEO against the US Dollar, you can do it on the Switcheo cryptoexchange.
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