Stably, a venture capital-backed startup seeking to bring stability to the cryptocurrency market is launching an early-access sale of a price-stable cryptocurrency that is pegged and fully backed 1:1 by the U.S. dollar, the StableUSD (USDS) stablecoin, the company announced in a press release on Oct. 31.
Stably Launches Early-Access StableUSD Sale
The Stably developer team has officially launched its early-access sale of the StableUSD (USDS) token on the Ethereum network, the company announced in a blog post.
Stably, based in Vancouver, Canada, is a venture capital-backed startup seeking to bring stability to the volatile cryptocurrency market through a secure, transparent medium of exchange. The company has already raised around $500,000 in seed funding from various funds and investors to kickstart their StableUSD project.
With each StableUSD token fully backed 1:1 to the U.S. dollar, the tokens are equivalent in value to American fiat currency.
Starting October 31, anyone can apply to be a verified client to buy and redeem StableUSD. According to the company’s press release, a verified client can send cash to the company’s regulated trustee to initiate the transaction. Stably then submits the transaction to the smart contract, which mints new StableUSD tokens and sends them back to the client.
And while the company failed to give any exact dates on when the entirety of its service will be available, Stably said that the ability to create and redeem StableUSD will be accessible in an easy-to-use web portal in the near future. Once the redeeming feature is live, the company will also launch StableUSD pairs on exchanges.
However, the company did note that the process of submitting transactions to the smart contract will also work with any cryptocurrency, including Tether (USDT). The sent cryptocurrency will be converted to U.S. dollars on the open market by a regulated third-party trustee. The corresponding amount of StableUSD will then be minted and sent back to the client through their smart contract.
New Partnerships to Increase Stability and Transparency
In response to the increasing standards on transparency and stability many investors have shown, Stably has also entered a partnership with Prime Trust, a regulated financial institution overseen by the banking commissioner’s office at the Nevada Financial Institutions Division.
According to the company’s press release, Prime Trust has agreed to be the regulated trustee for Stably’s StableUSD fiat reserves, allowing users of Stably’s future platform to view the company’s fiat reserve’s balance in real-time via a live feed from Prime Trust’s API.
The company has also engaged with leading accounting firm Cohen & Co. as an auditor to provide third-party audits of the company’s quarterly financial statements and conduct weekly attestations for Stably’s fiat reserve.
Cover Photo by Aaron Schwartz on Unsplash
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