Stably announces early-access launch of 1:1 USD-pegged cryptocurrency, StableUSD (USDS)
Stably today announced its early-access launch of a price-stable cryptocurrency that is pegged and fully backed 1:1 by US dollars, the StableUSD (USDS) stablecoin. StableUSD will utilize a proven centralized model to fully back every token issued with an equivalent unit of US Dollars held in escrow accounts managed by a regulated trustee.
Starting today, anyone can apply to be a verified client to create and redeem StableUSD. 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.
The creation process will also work with Bitcoin (BTC), Ether (ETH), or Tether (USDT). The sent cryptocurrency will be converted to US dollars on the open market by our regulated third-party trustee. The corresponding amount of StableUSD will then be minted and sent back to the client through our smart contract.
The ability to create and redeem StableUSD is available today, and will be accessible in an easy-to-use web portal in the near future.
At that point, the company will also list StableUSD trading pairs on major cryptocurrency exchanges. If you are an exchange interested in listing StableUSD or a market maker that would like to provide liquidity for USDS trading pairs, please email firstname.lastname@example.org.
Prime Trust and Cohen & Co. signed to partner with Stably
Stably recognizes that a fiat-backed stablecoin requires a high standard of public transparency for consumers and businesses to build trust. As a result, we are excited to announce our partnership with Prime Trust, who has agreed to be the regulated trustee for the StableUSD fiat reserves. Users of Stably’s future platform will be able to view our fiat reserve’s balance in real-time via a live feed from Prime Trust’s API. Additionally, we have engaged with leading accounting firm Cohen & Co., who will conduct weekly attestations for our fiat reserve.
The immediate use case for USDS tokens is to help crypto-traders preserve their wealth during periods of market volatility. In the future, a stablecoin like StableUSD could also be applied to other use cases such as fast and borderless payment, an efficient and cheaper solution for remittance, smart contract and DApp integration, and a reliable alternative to money in developing economies.
Stably is a venture-capital backed startup that is on a mission to connect wealth from the real world to the blockchain economy and help bring stability to the volatile cryptocurrency market. We raised $500,000 in seed funding from 500 Startups, Beenext Ventures, and angel investors to kickstart our project.