SEATTLE, Feb. 16, 2023 /PRNewswire/ -- Stably Corporation, a Seattle-based Web3 payment infrastructure and Stablecoin-as-a-Service provider, is proud to announce the official launch of Stably USD ($USDS) on the Polymesh blockchain under the ticker $USDS. Stably USD is a regulatory-compliant and USD-backed stablecoin that supports Polymesh's objective of building an institutional-grade permissioned blockchain specifically for regulated assets. Stably USD is also Polymesh's first natively-issued US-based stablecoin and the first product released as part of an ongoing collaboration between both Stably and Polymesh.
Stably USD is a multichain, US Dollar-backed stablecoin created by Stably in partnership with a US-regulated and SEC-qualified custodian. Every Stably USD token is fully collateralized 1-to-1 with USD held in bank deposits managed by the custodian for the benefit of token holders. Stably USD is always redeemable for $1 U.S. Dollar per token (minus fees) through Stably's custodian partner. Stably also partners with a leading US-based stablecoin auditor to provide monthly public attestations for Stably USD's fiat collateral reserve, ensuring that every token in circulation is fully backed 1-to-1 with U.S. Dollar.
The initial launch of Stably USD on Polymesh facilitates the on-chain trading of assets that may now be quoted upon and traded in USD-denominated prices rather than solely in volatile cryptocurrency prices, while also enabling users to mint/redeem Stably USD tokens via Stably's website. Institutional users will also be able to create a Stably Prime account in order to mint/redeem Stably USD or swap it for other digital assets, including USDC, USDT, BTC, ETH, and more.
Since the initial launch of their stablecoin on Ethereum in 2018, Stably has been setting new standards for transparency and interoperability in the stablecoin industry. Individual and institutional users from 200+ countries/regions worldwide can now mint/redeem Stably USD easily through a variety of traditional payment methods such as Fedwire, SWIFT, ACH, and credit/debit cards through Stably Ramp, a fiat-to-stablecoin gateway with low fees and access to emerging blockchain ecosystems.
"Polymesh was a clear partner of choice for Stably given our shared vision for the compliant tokenization of assets" said Kory Hoang, CEO and Co-Founder of Stably. "We're thrilled to be working alongside a leader in this field, and are eager to explore which other avenues this collaboration may take us."
$USDS also acts as a multichain U.S. Dollar "bridge" that allows Web3 users to easily and securely transfer their USD liquidity between networks. It is natively issued on 12+ blockchains, such as Ethereum, XRPL, Harmony, Stellar, Vechain (as $VeUSD) and Tezos, with more networks being added to further increase the bridging potential.
About Polymesh
Polymesh is an institutional-grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving challenges around governance, identity, compliance, confidentiality, and settlement.
Visit polymesh.network to learn more.
About Stably
Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing fiat gateways, multi-chain stablecoins, and cross-chain bridged tokens to users of Web3 applications. Stably's mission is to power this decade's next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems.
Visit stably.io to learn more.
CONTACT: [email protected]
SOURCE Stably
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