What is USDS?
USDS is the native stablecoin of Sky Protocol, issued through the protocol and governed by SKY token holders.
Simply holding USDS in a wallet does not generate any yield on its own. Sky Protocol savings features rely on separate tokens such as sUSDS, so holding USDS and using a savings product are two different things.
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 and hold USDS in the Crypto.com App
Here is the basic flow in the Crypto.com App:
- Sign up and verify your identity.
- Top up your account.
- Select USDS on the trading screen.
- Review the order details and confirm when you're ready.
The minimum order 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.
What payment methods can you use for USDS?
You can top up your account and buy USDS using a FAST bank transfer in SGD, a Swift transfer in USD, a debit card, Apple Pay, Google Pay or crypto deposited from another wallet. Availability can vary by jurisdiction.
FAST transfers in SGD and crypto deposits are free on Crypto.com, though other charges may apply to crypto deposits. For USD, you can top up your account via Swift transfer.
What should you check before confirming a USDS order?
A One-Time order buys or sells cryptocurrency at the current market price. The conversion rate is valid for 15 seconds, and if you don't confirm in time, the rate refreshes.
Before confirming, do check the asset, amount, payment method and quoted rate. Once a One-Time order has been placed, it can't be cancelled.