Stably has a New Stablecoin with a Unique and Transparent ApproachBTC Casino / 2nd November 2018
Bitcoin Won’t Reach $50,000 – Cryptocurrency Analyst Ran NeuNer Retracts Prediction
Friday November 02, 2018
Ran NeuNer says Bitcoin won’t end the year at $50,000. The host of the CryptoTrader show on CNBC tweeted in February 2018 that the top-ranked cryptocurrency would end 2018 on […]
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Ripple Quarterly Report: XRP Sales Double in Q3 2018
Friday October 26, 2018
Ripple recently published its quarterly market report for the third quarter of 2018. The report shows an increase in XRP sales during Q3 as against the previous quarter. Q3 Ripple […]
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Wednesday January 23, 2019
The action of intervention often has negative connotations, but sometimes intervention can save lives, as any surgeon will probably tell you. The Bank of International Settlements (BIS) has put out a new […]
Stablecoins seem to be the flavor of the month, or the last few months. A lot of stablecoins have recently made their entrance and now a rather unique one has just entered the scene. StableUSD was founded by Stably, a blockchain startup.
The goal is simple: give tether (USDT) a run for their money. The blockchain startup announced that StableUSD (USDS) can now be purchased and redeemed. The tokens are backed by USD, which are held in escrow by Prime Trust. The Nevada-based trust company has also supported a number of stablecoin projects in the past.
So on paper, there is nothing really unique about this stablecoin.
A single blog post by Stably however, changes everything:
“Stably recognizes that a fiat-backed stablecoin requires a high standard of public transparency for consumers and businesses to build trust. Users of the platform will be able to view our fiat reserve’s balance in real-time via a life feed from Prime Trust’s API.”
With USDT facing heavy criticism towards their policies and their inability to pay people back in USD, this might be the perfect opportunity for USDS to make its debut. Much like USDT, USDS allows investors to efficiently trade cryptocurrencies by evading any delays caused by bank-to-exchange transfers.
Recently some other projects offer that same option: The Panox Standart (PAX), Winklevoss twins’ Gemini dollar (GUSD), TrustToken’s TrueUSD (TUSD) and others.
Stably will set new standards if successful
Users willing to gain access to Stably’s early-access program must apply and complete a know-your-customer (KYC) process. After its completion, users can freely begin to generate or redeem USDS.
The token generation happens through the use of smart contracts. Verified users will be able to transfer their funds to the trustee and Stably will send the transaction to its smart contract.
This will lead to the platform minting new USDS tokens, which are then send out the respective users.
This process is already available to registered users, but Stably has short-term plans to open up a website to further simplify the process. Additionally, the process will also work with BTC, ETH and USDT.
All the cryptocurrencies will be converted into USD by Stably’s regulated third-party trustee. The end result being a corresponding amount of StableUSD minted and sent back to the clients.
This project has been in the works for quite some time. Back in April, the project managed to raise $500 000 in seed funding. Kory Hong, the project’s co-founder mentioned that the economy desperately needs a solid price-stable medium of exchange as well as a store of value in order to progress.
If we take into consideration USDT’s recent struggles, she might have been right and Stably might have found the perfect time to make their move.
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