Stable coins have huge value to help grow the crypto universe. There are now many stable coins that are available. Some are backed by onchain crypto reserves e.g. DAI, SBD, bitUSD etc and others are backed by reserves in external places e.g. USDT.
The prices for these stable coins are expected to be stable but do fluctuate as can be seen in below picture:
Crypto backed stable coins e.g. DAI, SBD, and bitUSD have large variations upto 30-50% from their target value of 1 USD. Although, others are stable but do vary between +/-5% and sometimes even upto +/-15%.
Therefore, none of the stable coin project, so far, provides perfect stability. Also by holding these coins holders wealth is continuously eroded due to inflation associated with USD.
USDONE will always be pegged at 1 to 1 with USD. In addition to that USDONE holders will receive monthly dividend at the rate of 0.565% which is equal to 7% annual on their holdings. The dividends will be paid out on 1st of each month to USDONE token holders on that date.
USDONE is a token on Steem Engine. Currently you can buy it only against SteemP. SteemP is pegged Steem on Steem Engine Platform. In future we will add other options.
Sell price will always be less than 1.05 and buy price will always be greater than 0.95 from USDONE. Your order will be executed as and when your quote is within these prescribed limits of USDONE. That is equal to 0-5% fee for conversion from SteemP to USDONE and USDONE to SteemP.
The buy/sell spread by USDONE will be continuously adjusted depending on the cost of stabilization, demand, and supply but will always be within 0-10%. This can be considered as stabilization fee similar to maker/dai stability fee which is constant and much higher with current rate of 14.5%.
The Steem that you pay to buy USDONE are deployed in below activities to meet the above promised obligations:
USDONE account on Steem Engine will always remain funded with sufficient SteemP to meet the demands of liquidity requirements.
Link to Steem Engine for USDONE
Link to Steem Wallet for USDONE
Link to Ethereum Wallet for USDONE
Link to Tron Wallet for USDONE
We also invite your feedback and comments. The best suggestions will be rewarded with USDONE tokens.
Since we launched the token, below is the list of ideas provided by community in comments that will be implemented:
Below is our audit report produced on 26th April and added here on 26th April itself:
