Startup Stably Launches New Centralized …
Startup Stably Launches New Centralized Stablecoin
Startup Stably this Thursday announced that its developed stablecoin StableUSD (USDS) is available for purchase and redemption. The token is backed by US dollars held by Prime Trust, an American regulated trust company that has previously participated in the development of another stablecoin with IBM and Stronghold. Writes about this CoinDesk.
Stably promises to maintain transparency in its fiat assets: “Stably recognizes that a fiat-backed stablecoin requires high standards of public transparency to be trusted by consumers and businesses. Users of the future Stably platform will be able to track the balance of our fiat account in real time “.
Accounting Firm Cohen & Co. will “conduct a weekly assessment of the company’s fiat reserves”.
Users can participate in the Early Access program to start generating and withdrawing USDS once verified. Tokens are generated using a smart contract, the company’s announcement says. Verified users can send a fiat transaction to an authorized reserve keeper, after which Stably will transfer the transaction to their smart contract and issue new tokens.
“StableUSD will use a proven centralized model to fully back up every token issued,” the announcement says. In the future, Stably promises to create a web portal, thanks to which the process of issuing a token for an end user will become easier..
“The issuance process will also allow Bitcoin (BTC), Ether (ETH) or Tether (USDT) to be used,” the company said. “The transferred cryptocurrencies will be converted into US dollars on the free market through a third-party manager. The corresponding amount in StableUSD will then be released and sent to the client via a smart contract “.
In April, startup Stably raised $ 500,000 in funding to develop “a stable medium of exchange for the blockchain economy and scale it beyond today’s speculative boundaries.” “Tether has taken advantage of its pioneering advantage, but its dominance probably won’t last forever as more stablecoins enter the market,” co-founder Corey Gong said at the time..
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