Technically you can store binary files like PSDs in Stash (well, git), however there are some cons to storing large binary files in git. The pros are the same as for any git repository - you've got history, and you can easily distribute it, but with large/binary files you need to be careful.
The main issue is that with a binary file is that any time it changes git stores the new version of the file in the repository, along with old the old versions. With large PSD files (or any other binary asset) this quickly adds up - a large git repository means many git operations like a clone will be impacted.
@Nicola Paolucci has written a great blog post about options for dealing with large git repositories both in terms of length of history and size of assets: http://blogs.atlassian.com/2014/05/handle-big-repositories-git/ that covers all the pros and cons pretty well.
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