What is USDS?
USDS is the native stablecoin of Sky Protocol. It is issued through the protocol and governed by SKY token holders.
USDS is designed to keep its price close to US$1. It is distinct from DAI, although both belong to the same protocol ecosystem; protocol tools can convert DAI and USDS at a 1:1 ratio. USDS doesn't generate yield on its own; sUSDS is the separate token connected with the Sky Savings Rate.
Although the term "stablecoin" is commonly used, there is no guarantee that the asset will hold a stable value against the reference asset when traded on secondary markets, or that the reserve of assets, if there is one, will be enough to satisfy all redemptions.
How to buy USDS in the Crypto.com App
In the Crypto.com App, here's the basic flow:
- Create and verify your account.
- Add funds to your account.
- Tap 'Buy', choose USDS and enter the amount.
- Review the order details and confirm when you're ready.
How can you pay for USDS with AUD?
For Australian users, the Australian dollar (AUD) is the main fiat currency accepted for buying USDS. You can fund your account via PayID, debit or credit card (Visa or Mastercard), Apple Pay or Google Pay, or by transferring crypto to your wallet.
PayID deposits are free on Crypto.com, though your bank might charge its own fees. Depositing AUD directly can also help you avoid foreign exchange fees when buying USDS. Payment options can vary by jurisdiction.
What should you check before buying USDS?
For One-Time orders in the App, the minimum buy or sell amount is AUD 20.
Before you confirm, check the asset, amount, payment method and conversion rate. The conversion rate is valid for 15 seconds; if you don't confirm within that time, the rate refreshes. Once a One-Time order is placed, it can't be cancelled.
