Stably Launches StableUSD on Ethereum Mainnet ๐จ This article is 6 years old...
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Stably Launches StableUSD on Ethereum Mainnet
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Updated: Nov. 7, 2019 at 2:44 am UTC
Photo by Randy Tarampi on Unsplash
Stably is a fiat-collateralized stablecoin that provides transparent 1-to-1 parity to the U.S. dollar. On Aug. 16, Stably debuted its StableUSD token on the Ethereum mainnet.
Fiat-backed, $100K Proof of True Reserve
The Stably developer team has officially launched its StableUSDย (USDS) token on the Ethereum network, according to a blog post.
Based in Vancouver, Canada,ย Stably is a venture capital-backed startup seeking to bring stability to the volatile cryptocurrency market through a secure, transparent medium of exchange.
Each StableUSD token is fully backed 1-to-1 by the U.S. dollar, giving each USDS equivalent value to American fiat currency.
Stably will maintain a true reserve of U.S. dollars to back each StableUSD token, which users can review on theย “Transparency Dashboard” on the Stably website. Each quarter Stably will also release a reserve audit conducted by a Big Four accounting firm to ensure full transparency.
To give proof of their initial StableUSD mint, Stably posted a screenshot of the current reserve account to show that there is a minimum balance of $100,000 to back 100,000 USDS tokens.
Stably is currently forming partnerships with major financial institutions to integrate stabilized, frictionless cryptocurrency for public and enterprise use.
In an interview with CryptoSlate, Stably Co-founder and CEO Kory Hoang said:
“We have a lot of exciting plans from now until year-end and in about a month, we will officially announce our partnerships with custodians, banks, auditor and exchanges! Itโs been amazing how much interest and support weโve gotten from large business institutions and even governments. Iโm very much looking forward to steering the Stably ship through this great sea of opportunities in the upcoming years.”
Stablecoins attempt to provide the benefits of blockchain without the volatility of cryptocurrency, creating a bridge between theย fiatย and crypto worlds. With its recent launch on Ethereum, Stably seems well-poised to be at the forefront of public stablecoin adoption.
In addition to Ethereum, Stably plans to launch StableUSD on the Stellar Lumens network. For more information about Stably and StableUSD, you can visit the coin profile here.
