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 maintain a stable value in relation to the value of the reference asset when traded on secondary markets, or that the reserve of assets, if there is one, will be adequate to satisfy all redemptions.
How to buy USDS in the Crypto.com App
In the Crypto.com App, the basic flow is:
- 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 Singapore?
You can hold either SGD or USD in your account. To fund your purchase, you can use a FAST bank transfer in SGD, a Swift transfer in USD, a debit card, Apple Pay or Google Pay, or you can transfer crypto to your wallet.
FAST bank transfers in SGD and Swift transfers in USD are free on Crypto.com, though your bank may charge its own fees. Crypto deposits are free as well, but other network charges may apply. Payment availability can vary.
What should you check before buying USDS?
The minimum purchase amount depends on your payment method: SGD 1 for direct purchases with Apple Pay or Google Pay, SGD 20 by card, and SGD 50 by FAST bank transfer.
Before confirming, 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.
