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 with USD?
For US users, the US dollar (USD) is the primary fiat currency accepted for buying USDS. You can fund your account by bank transfer, credit/debit card, Apple Pay or Google Pay, or transfer crypto to your wallet.
Crypto.com does not charge fees for USD deposits via local bank transfers, but your bank might. Depositing USD directly can also help avoid foreign exchange fees when buying USDS. 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 the equivalent of US$1.
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 canceled.
