For those unfamiliar with StableUSD, it is a fiat-collateralized stablecoin. This means that every StableUSD token is fully backed 1-to-1 by a US dollar. This model requires transparency to verify that Stably’s reserve has the money to back all the StableUSD tokens in circulation. To learn more about StableUSD, read our FAQ.
With this launch, 100,000 USDS have been minted. Below is a screenshot of Stably’s current reserve account showing that there is at least $100,000 to back the 100,000 USDS tokens. These tokens are for internal testing purposes before the public launch.
To maintain transparency, Stably will have quarterly reserve audits and frequent attestations conducted by a Big Four accounting firm. Additionally, Stably’s website will have a ‘Transparency Dashboard’ that will show Stably’s current reserve bank balances.