This tutorial will teach you how to use Bitstamp stablecoins on the xrpledger, how to deposit them and how to withdraw them to a fiat bank account.
How to trade XRP for Bitstamp USD on the XRPL dex
How to create a Bitstamp account & complete KYC
How to send Bitstamp USD from an XRPL wallet to a Bitstamp account
How to withdraw Bitstamp USD to a bank account
Bitstamp’s supported currencies and countries
How To Set The Trustline:
To set the Bitstamp USD trustline in the Solodex wallet, unlock you wallet and select add asset on the portfolio homescreen. Next, select Bitstamp as the issuer, and select the asset you’d like to trade. In this case, USD. Then select continue and sign the transaction. Note that setting the new trustline will require 2 available XRP to be held on reserve, and no KYC is required to trade Bitstamp USD on the XRPL dex. Once you’ve set the trustline, you can trade for the Bitstamp USD stablecoin right on the solodex wallet app, or on sologenic.org using a desktop computer. Before executing a trade make sure to check the available liquidity on the Bitstamp USD trading pair to be aware of potential slippage.
How To Create a Bitstamp Account:
To create an account with Bitstamp, log on to the Bitstamp.net website and select get started. After entering your information, open the link in the confirmation email to complete the sign up process by entering your personal details, and using google authenticator to enable 2 factor authentication. Note that you can also complete this same process with the Bitstamp app on a mobile device. Once complete with the account creation process you can navigate to your account dashboard.
How To Deposit Bitstamp USD To a Bitstamp Account From The XRPL and Withdraw To A Bank Account:
To deposit Bitstamp USD from the XRPL to a Bitstamp account, select IOU deposit from the deposit menu. Then paste the account public address and memo into the destination field of the account you’re sending from. Once the Bitstamp USD lands in your account, you can withdraw the USD to a bank account by navigating to the withdraw tab from your account dashboard and select cash withdrawal. Here you will see your USD available balance, where you can input the amount you wish to withdraw, and add your bank information to complete the withdrawal. Note that you can only withdraw from your USD balance using ACH transfers. EURO funds must be converted to USD before you can withdraw them using ACH.
https://www.bitstamp.net/learn/bitstamp-tutorials/how-to-send-and-receive-ripple-xrp/
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.