A number of Steem users have suggested it would be nice to have a direct path from Steem and Steem Dollars to US dollars, so we've added the following trading pairs to https://blocktrades.us:
- OPEN.USD -> Steem
- OPEN.USD -> Steem Power (SP)
- OPEN.USD -> Steem Dollars (SBD)
- Steem Dollars -> OPEN.USD
If there's sufficient interest, we can also look into adding support for OPEN.EUR (Euro-backed asset).
What is OPEN.USD?
OPEN.USD is a USD-backed token on the BitShares trading network that is supported by OpenLedger, a decentralized exchange that operates on top of BitShares. Note: anyone on the BitShares network can trade OPEN.USD tokens, but you must register with OpenLedger as a fiat user in order to deposit or withdraw OPEN.USD tokens. To register as a fiat user, you have to submit identity information to OpenLedger, so that they can comply with "Know Your Customer" and anti-money laundering requirements. Registerd fiat users can deposit USD to OpenLedger's bank account in exchange for OPEN.USD and withdraw USD from OpenLedger's bank account with OPEN.USD tokens. Last time I checked, there were no deposit fees, but there was a withdrawal fee of 3%. Another thing to note is I believe that it's currently a manual process for deposit/withdrawal, so it's not immediate.