Outside of being able to place your trade orders with greater liquidity and price protection, we're bringing new features to the app:
- Your US bank ACH or wire deposits will now be held as USDⒶ. USDⒶ is the new name for your USD deposits held on Abra. It will be backed by several stablecoins including USDC, BUSD, Paxos, as well as TUSD and will aim to provide optimal liquidity across assets.
Your current TUSD holdings (and in some cases US dollar balances) will be converted to the same amount of USDⒶ in the Trade account.
You are still able to add and hold TUSD separately.
Your deposits via cryptocurrency or credit/debit card remain unchanged.
- When transferring USDⒶ from Trade into Earn, the asset will be converted to Interest-Earning USDC at a 1:1 conversion rate (no fees). When transferring Interest-Earning USDC from Earn to Trade, you will have the option to transfer it as USDC or convert to USDⒶ at a 1:1 conversion rate. Please note, your Interest-Earning TUSD holdings will move 1:1 to Trade as USDⒶ.
- New loans will now only be available in USDC (TUSD will no longer be supported for new loans, and existing TUSD loans are not impacted by this change). Additionally, for both interest payment and loan repayment, you will now have the option to use either your original loan asset (TUSD or USDC) or convert your Trade USDⒶ to the loan asset at no fee.
- Note, your deposit addresses will change. Please be sure to check and confirm your new deposit addresses before making any new deposits into your Abra wallet. Please be aware, deposits sent to your old deposit addresses may not be recoverable.
*Although this will come with the latest version of the app, Abra is rolling out this feature in batches so if you don't see it yet, you will in the next few weeks.