San Francisco. 17th May 2019 – Neutral, an open financial protocol, has today announced the launch of its first product on KuCoin exchange, a stablecoin basket called Neutral Dollar (NUSD).
It is fully collateralised by and inter-exchangeable with constituent stablecoins that comprise initially of USDC, PAX, TUSD, and DAI. Users can contribute any constituent stablecoin at fair value in exchange for NUSD during an initial contribution period starting through the Neutral platform. KuCoin will subsequently support active trading pairs BTC/NUSD and USDT/NUSD. A series of trading and holding competitions will commence for early adopters with attractive rewards to upwards of $50,000.
As a metastable basket, the Neutral Dollar stablecoin has been consistently illustrated to be less volatile than any alternative stablecoin in the market given its diversified risk exposure. In addition, the construction of Neutral Dollar aggregates fragmented liquidity in stablecoin market and offers users the convenience of trustless on-chain swaps between stablecoins. Upon the launch, NUSD will simultaneously be supported by leading wallets including ImToken and Bixin etc. and partnering with Nexo Earn for a pilot programme to enable deposit yield up to 6.5%.
Gordon Chen, CEO and Co-founder of Neutral says: “Today marks a significant milestone for our project. KuCoin shares our vision of an industry where high quality projects, based on research and hard work, succeed together. The launch of Neutral Dollar on KuCoin sets us on a path to bring increased stability and liquidity to the global crypto market through our digital dollar.”
Michael Gan, CEO of KuCoin, says: “We are delighted to welcome Neutral Dollar to the KuCoin ecosystem. KuCoin currently offers a wider range of stablecoins than most major exchanges and by doing so we intend to help mitigate the investment risk of our traders. Neutral has designed a truly next-generation stablecoin that addresses some of the key issues in the market today. We believe the launch of NUSD will contribute to the liquidity of our stablecoin markets and bring real value to all KuCoin users alike.”
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