How to Buy Polylastic (POLX) Guide

Note: This coin is not listed on Binance for trade and service.

Binance is constantly reviewing and adding cryptocurrencies that can be used on the Binance platform. If you would like to know where to buy Polylastic, which is currently not listed on Binance, you can follow the step-by-step guide below.

The most straightforward way is to find a reliable centralized exchange where you can buy Polylastic, similar to Binance. You can refer to Coinmarketcap.com's Markets section to find the list of centralized exchange the coin is listed on.

Another option to buy the Polylastic is through a decentralized exchange (DEX) which supports the blockchain where your Polylastic resides. This guide will show you how to buy Polylastic by connecting your crypto wallet to a decentralized exchange (DEX) and using your Binance account to buy the base currency.

Download a Trust Wallet Wallet

There are several crypto wallets to choose from within the Polygon/Matic network and Trust Wallet appears to be the most integrated. If you are using a desktop computer, you can download Google Chrome and the wallet Chrome extension. If you prefer using your mobile phone, you can download the wallet via Google Play or the iOS App Store if it’s available. Just make sure that you are downloading the official Chrome extension and mobile app by visiting Trust Wallet’s website.

Set up your Trust Wallet

Register and set up the crypto wallet via the wallet’s Google Chrome extension or via the mobile app you downloaded in Step 1. You may refer to the wallet’s support page for reference. Make sure to keep your seed phrase safe, and take note of your wallet address. You will be using it later on Steps 4 and 6.

Buy MATIC as Your Base Currency

Once your wallet is setup, you can login to your Binance account and proceed to the Binance Crypto webpage to buy the MATIC. If you are not an existing user, you can refer to our How to Buy MATIC guide on registering and buying your first cryptocurrency on Binance.

Send MATIC From Binance to Your Crypto Wallet

Once you buy your MATIC, go to your Binance wallet section and look for the MATIC you purchased. Click on withdraw and fill up the required information. Set the network to Polygon/Matic, provide your wallet address and the amount you want to transfer. Click the withdraw button and wait for your MATIC to appear in your Trust Wallet.

If you are using Binance Website:

If you are using Binance App:

Choose a Decentralized Exchange (DEX)

There are several DEXs to choose from; you just have to make sure the wallet you selected in Step 2 is supported by the exchange. For example, if you use Trust Wallet wallet, you can go to 1inch to make the transaction.

Connect Your Wallet

Connect your Trust Wallet wallet to the DEX you want to use by using your wallet address from Step 2.

Trade Your MATIC With the Coin You Want to Get

Select your MATIC as the payment and select the Polylastic as the coin you want to acquire.

If Polylastic Doesn’t Appear, Find its Smart Contract

If the coin you want does not appear on the DEX, you can refer to https://polygonscan.com/ and find the smart contract address. You can then copy and paste it into 1inch. Beware of scams and make sure you got the official contract address.

Apply the Swap

Once you are done with the previous steps, you can click on the Swap button. From deciding where to buy Polylastic to making the purchase, your crypto transaction is now complete!

Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. The content expressed on this page is not intended to be and shall not be construed as an endorsement by Binance about the reliability or accuracy of such content. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment.
This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. Binance is not responsible for any losses you may incur. For more information, please refer to our Terms of Use and Risk Warning.
Please also note that data relating to the above-mentioned cryptocurrency presented here (such as its current live price) are based on third-party sources. They are presented to you on an “as is” basis and for informational purposes only, without representation or warranty of any kind. Links provided to third-party sites are also not under Binance’s control. Binance is not responsible for the reliability and accuracy of such third-party sites and their contents.

Disclaimer: This article is for educational purposes only. The information provided through Binance does not constitute advice or recommendation of investment or trading. Binance does not take responsibility for any of your investment decisions. Please seek professional advice before taking financial risks.

Key Takeaways

USDG is a stablecoin pegged to the US dollar at a 1:1 ratio. It’s issued by Paxos Digital Singapore and regulated by the Monetary Authority of Singapore.

As an ERC-20 token on the Ethereum blockchain, USDG supports fast transactions and is compatible with smart contracts and decentralized applications.

While promising, USDG still faces some challenges, such as limited adoption and competition from more established stablecoins.

Introduction

USDG, also called the Global Dollar, is a stablecoin backed by the US dollar. It’s designed to keep its value stable while being fast and easy to use for all kinds of financial transactions. USDG is issued by Paxos Digital Singapore Pte. Ltd., a company that’s regulated by the Monetary Authority of Singapore (MAS).

USDG Key Features

USDG has several features that make it an interesting stablecoin alternative:

Backed by real dollars. The value of USDG is pegged 1:1 to the US dollar, meaning one USDG is designed to mirror the value of one US dollar. To keep this balance, every USDG token is backed by reserves of cash or cash equivalents.

Regulated and compliant. USDG is fully compliant with Singapore’s stablecoin regulations. According to Paxos, MAS ensures that USDG meets high standards for reserve backing and operational security. Paxos also adheres to New York’s banking laws, making USDG a highly regulated stablecoin.

Technology integration. USDG is built on the Ethereum blockchain as an ERC-20 token, which means it’s compatible with smart contracts and decentralized applications (DApps). This makes USDG not just a currency but also a tool for developers to create new financial products. It’s also set to expand to other blockchain networks approved by MAS, increasing its versatility.

Fast payments. Traditional banking can take days to settle transactions, especially for international transfers. With USDG, payments are processed in minutes. This makes it ideal for cross-border payments, peer-to-peer (P2P) transactions, and decentralized finance (DeFi) applications.

How Does USDG Work?

The Global Dollar Network

The Global Dollar Network is the backbone of USDG’s adoption. It’s an ecosystem designed to make it easier for businesses, developers, and institutions to integrate USDG into their platforms. As of December 2024, the network is in an invite-only phase.

USDG use cases

Payments and settlements: USDG provides fast and affordable international payments. Instead of waiting days for traditional bank transfers, you can settle transactions in a few minutes. It’s a great option for anyone dealing with cross-border payments.

Institutional benefits: Institutions gain access to efficient trading, peer-to-peer settlements, and rewards for certain deposits. USDG is also accessible to developers seeking to create decentralized financial solutions​.

Ecosystem development: The Global Dollar Network aims to incentivize enterprises to adopt USDG by offering better revenue-sharing opportunities compared to traditional stablecoin models​.

Issuing and redeeming USDG

The Global Dollar Network offers a flexible process for USDG redemption, allowing users to convert USDG for US dollars on a 1:1 basis at any time. Upon redemption, USDG tokens are immediately removed from the supply.

Blockchain technology

Since USDG is built on Ethereum, it benefits from blockchain’s transparency and security. Each transaction is recorded on the blockchain, making it easy to follow and verify. The transactions are managed by smart contracts, so there’s no need for intermediaries.

Potential Challenges for USDG

While USDG has a lot of promising features, it’s important to recognize that it’s still in its early stages. Here are a few challenges and potential downsides that come with the project:

Small market cap

Compared to established stablecoins like USDT (Tether) or USDC, USDG’s market cap is still relatively small. A smaller market cap means it doesn’t have the same level of liquidity. For big players or traders needing large amounts for transactions, this might be a dealbreaker, at least for now.

Limited adoption

As a new player in the stablecoin space, USDG hasn’t reached a lot of users yet. It might take some time until a larger number of businesses and developers adopt it. Until adoption grows, its utility in mainstream applications may remain limited​.

Regulatory uncertainty in broader markets

While USDG is compliant with Singapore’s MAS regulations and other strict jurisdictions, the global regulatory landscape for stablecoins is still evolving. Expansion into regions with unclear or restrictive rules could present a new set of challenges, potentially slowing its growth.

Competition from established players

Big players like USDT, USDC, and even DAI have been around for years and dominate the space. USDG will need to work hard to stand out, especially since those coins already have strong user bases.

Dependence on Ethereum

As of now, USDG primarily operates on the Ethereum blockchain as an ERC-20 token. While Ethereum is widely used, its network can experience congestion and high transaction fees during periods of heavy activity. This could make USDG less appealing compared to stablecoins operating on more scalable networks.

Closing Thoughts

USDG is an interesting stablecoin project aimed at making digital finance more accessible, trustworthy, and innovative. Whether you’re a business owner, a developer, or just someone who wants an easier way to make payments, USDG has something to offer. 

While the project seems promising, we are yet to see if it will manage to compete with other established stablecoins to achieve widespread adoption and a higher market cap.

Further Reading

What Is a Stablecoin?

What Is BFUSD?

What Is First Digital USD (FDUSD)?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Where & How to Buy Polylastic (POLX) Guide