Stablecoins

Stablecoins are representations of fiat currencies on blockchains. Common examples are Tether and USDCoin. Popular stablecoins are built on Bitcoin and Ethereum but since openx uses Stellar, it uses a stablecoin on Stellar called "USD", a 1:1 representation of the US Dollar provided by AnchorUSD.

USD is an "asset" on Stellar whose issuer is AnchorUSD. If a user wishes to buy USD, they must

  1. Create an account on Opensolar if they already haven't

  2. Undergo checks and satisfy requirements placed by AnchorUSD

  3. Let AnchorUSD know how much USD they wish to purchase

  4. Transfer money to AnchorUSD's bank accounts and wait 3-5 days for AnchorUSD to process the deposit.

Users can also purchase USD using the Stellar DEX by exchanging XLM or other assets.

To exchange "USD" on Stellar for USD, a user must:

  1. Create an account on Opensolar if they already haven't

  2. Undergo checks and satisfy requirements placed by AnchorUSD

  3. Let AnchorUSD know how much "USD" they wish to exchange

  4. Give AnchorUSD details of your bank, transfer "USD" to AnchorUSD's provided address and wait 3-5 days for AnchorUSD to process the withdrawal

Users can exchange "USD" for USD only through anchorusd.com. Users can however, exchange "USD" for XLM on the Stellar DEX, transfer money to an exchange and process withdrawals there.

USD can be used on Openx platforms that use Stellar and advertise for investments in USD.