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 sufficient to meet all redemptions.
How to buy USDS in the Crypto.com App
In the Crypto.com App, the basic steps are:
- 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 in the UAE?
You can hold either AED or USD on your account and use either to buy USDS. To add funds, you can use a bank transfer in AED, a Swift transfer in USD, a debit or credit card (Visa or Mastercard), Apple Pay or Google Pay, or you can transfer crypto to your wallet.
Bank transfers in AED and Swift transfers in USD are free on Crypto.com, though your bank might apply its own charges. Crypto deposits may incur other charges. Payment availability 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 10 AED.
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.
