Digitex announces launch of new stablecoin, DUSD

Photo: Cointelegraph

Digitex Ltd, a commission-free crypto futures exchange, has announced the launch of a new stablecoin DUSD that will become the native currency of the exchange as it expands to the beta version of Digitex City on Dec 15, 2020. An ERC-20 token with a value pegged at $1 USD, DUSD is collateralized by DGTX tokens and will be used for all activities on the exchange including zero-fee futures, forex, and cryptocurrency spot trading, purchases in the social network, and playing games in the ‘Play’ area.

As a stablecoin, DUSD will remove the volatility that traders currently experience on the platform when trading in the DGTX token. This will encourage more traders with larger balances to try out the exchange. DUSD will also be available to purchase with credit card, making the onboarding process easier and more efficient. 

As well as its flagship futures and forex markets, Digitex City will launch with a zero-fee cryptocurrency spot market that will initially offer limited markets paired against DUSD. However, the exchange aims to aggressively build out its offer soon after launch listing a number of trending altcoins for its growing userbase. 

CEO of Digitex, Adam Todd, explained, “We need to create liquidity for all of these markets, so we’re actively encouraging our community to take part in the creation of DUSDs. Not only will they earn attractive rewards for DUSD creation, but having everyone participate will lead to a huge influx of demand for DGTX. And our liquidity mining rewards will incentivize them to use their DUSD to do market making on our markets, creating liquid markets that attract more DUSD buyers.”

1 million DGTX a day will be paid out to market makers on the exchange via Digitex’s liquidity mining rewards program, and 500,000 DGTX a day will be paid out in DUSD creation rewards. The transition to the “DUSD economy” will stimulate demand for DGTX as creating DUSD requires a ratio of 10:1 DGTX to DUSD. This will generate buying pressure for DGTX while constricting its supply.

Todd concluded, “DUSD will be created by people who want to earn a passive income and make their crypto work for them. Digitex City isn’t just for traders anymore, we’ve opened up to a wider audience. We see a huge opportunity in offering this demographic ample money-making opportunities through our various rewards programs that are less risky than trading, passive in nature, and offer extremely generous APYs.”

For further information about the DUSD and Digitex City, please visit https://digitexcity.com/.

About Digitex Ltd

Digitex Ltd is a zero-fee cryptocurrency exchange with its native DGTX token. The exchange’s flagship product is futures, however, it will be launching spot market trading and no-spread forex all fuelled by its crypto-backed stablecoin DUSD coming in December 2020. Registered in the Republic of Seychelles, the company was founded by a former futures trader and betting-exchange trader and has developed a revolutionary token issuance revenue model for sustainably operating an exchange without charging commissions.

Reprinted from Cointelegraph, the copyright all reserved by the original author.