Stably USD Stablecoin Officially Launched On the XRP Ledger

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Nov 17, 2022, 08:00 ET

SEATTLE, Nov. 17, 2022 /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) under the ticker $USD on the XRP Ledger (XRPL) a decentralized blockchain. Stably USD is a regulatory-compliant and USD-backed stablecoin that supports XRPL's objective of providing a scalable and sustainable blockchain for tokenized assets and global payment/settlement. Stably USD is also XRPL's first natively-issued US-based stablecoin and the first product released as part of an ongoing collaboration between both Stably and XRPL.

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 US 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 US Dollar.

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. 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 blockchains.

"XRPL's global growth potential due to their cutting-edge products and technology is what had initially caught our interest. However, it became increasingly clear just how complementary a partnership between us both would be. Their strong institutional relationships and low transaction fees suit Stably's stablecoin and fiat gateway infrastructure perfectly, enabling a wide range of use cases such as simplified payments and remittances. And this is only the start, as we expect stablecoin demand to continue growing immensely," said Kory Hoang, CEO and Co-Founder of Stably.

In addition to XRPL, Stably USD is also natively issued on 11+ other blockchains under the ticker $USDS, including Ethereum as well as emerging chains like Harmony, Stellar, VeChain, and Tezos, with many more coming soon. As a result, Stably USD can effectively serve as a multichain US Dollar "bridge," enabling Web3 users to easily and securely transfer liquidity from various networks to/from XRPL.

The initial launch of XRPL Stably USD empowers individual users to mint/redeem tokens via Stably's website or through the Stably Ramp application embedded within Xumm wallet, the largest non-custodial wallet application on XRPL. Institutional users will also be able to create a Stably Prime account in order to mint/redeem XRPL Stably USD or swap it for other digital assets, including USDC, USDT, BTC, ETH, and 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.

About XRP Ledger:

The XRP Ledger (XRPL) is an open source, public and decentralized Layer 1 blockchain led by a global developer community. It is fast, energy-efficient, and reliable. For more than ten years, it has been the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. With ease of development, low transaction costs, and a knowledgeable community, it provides developers with a strong open-source foundation for executing on the most demanding projects – without impacting the XRPL's lean and efficient feature set. XRPL enables a wide variety of services and use cases including payments, decentralized finance, and tokenization. Learn more at XRPL.org.

CONTACT: [email protected]

SOURCE Stably