This tutorial will teach you how to utilize the Stably USD stable coin on the XRPLedger.
Step 1
Ensure you’ve set the proper Stably USD trustline.
Step 2
Select the Stably USD asset in your wallet portfolio, then press exchange.
Step 3
Input the amount of XRP you wish to trade for Stably USD. Select exchange. Once you’ve read and understood the message regarding potential slippage, proceed to confirm the transaction.
When you trade stablecoins on the XRPL you must ALWAYS make sure that there is enough liquidity available.
Spreads and slippages can otherwise make you get a bad exchange-rate.
Issuer (Stably):
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Currency Code:
USD
Limit:
As much as you are willing to hold.
A warning about trustlines:
Since anybody can create a token on the xrpledger, there exist a lot of false currencies out there. And obviously, if you trade a false currency, you will lose your funds.
For that reason, it is always important to Not trust any website (not even this website) when adding a currency.
Always verify the trustline manually, there are multiple ways to verify a trustline, and we will have a tutorial showing how in the future.