Upbit, one of South Korea’s leading crypto exchanges, has announced the following new trading support: USD (Athena USD), a digital asset developed by Ethereum.
According to the announcement, USD Start trading in KRW. BTCUSDT pair. Trading support is scheduled to begin on January 14th at 6pm, and deposits will begin approximately 1.5 hours after the announcement is published.
Upbit emphasized that USD We caution that transactions are only supported via the Ethereum network and transfers from other networks are not accepted. Users were also advised to carefully check the official smart contract address provided. USD before making the transfer.
In order to start trading smoothly, we will impose some temporary restrictions after listing. Therefore, no buy orders will be accepted for about the first 5 minutes. During the same period, sell orders below 10% of the previous day’s closing price are also blocked. Please note that only limit orders will be accepted for approximately 2 hours after the start of trading.
Ethereum USD stands out as a synthetic stablecoin built on a delta-neutral structure, unlike classic fiat-backed stablecoins. USD The purpose is to balance price fluctuations by holding crypto assets such as ETH and virtual currencies. BTC It is used as collateral while taking a short position in a futures contract with the same face value. This structure allows USD It aims to provide stability of value close to $1 against market fluctuations.
The model, developed by Ethereum, is supported by automated risk management, custody solutions, and a reserve mechanism that balances funding costs. USD Its use as a collateral instrument in DeFi applications, on-chain payments, and derivatives markets is expected to increase.
*This is not investment advice.
