Switcheo, a Singapore-based decentralized exchange offering token markets on the NEO and Ethereum blockchains, has announced support for Alchemint’s dollar-pegged SDUSD stablecoin. The SDUSD token is issued by Alchemint’s smart contract and is designed to hold $1 USD worth of value by locking NEO as collateral.
The SDUSD token is native to the NEO blockchain. Switcheo has listed a NEO/SDUSD pairing on December 27th, 2018, for the currency’s debut. Switcheo has plans for more USD-quoted listings for high-liquidity tokens “in the following weeks.” Alchemint’s SDUSD is the first fiat-pegged coin on NEO, and joins the Ethereum-based stablecoins Dai, Paxos Standard, and USDC on the Switcheo exchange.
In the meantime, Switcheo’s NEO/SDUSD market is the first pairing in its new “USD” market category. NEO projects who wish to act as market makers to support a USD pairing for their NEP-5 token on Switcheo are encouraged to contact the exchange.
Switcheo has also decided to remove its GAS and SWTH markets at this time “to improve liquidity on Switcheo Exchange’s active markets”. The exchange recommends that users cancel any open orders in its GAS and SWTH markets by January 3rd, 2019. Users who wish to cancel orders on Switcheo’s exchange after the markets’ removal from the user interface can do so through the “all pairs” interface of the transaction window. Switcheo plans to return its SWTH markets as a quote currency to support cross-chain atomic swaps “in the near future”.
Switcheo’s SDUSD announcements can be viewed in full at the following links: