Seattle-Based Fintech Company to Launch A New Stablecoin on Ripple XRP Ledger (XRPL)

XRPL bags another adoption from a top fintech company.

Stably, a Seattle-based web-3 fintech company has partnered with Ripple to issue its stablecoin on the XRP Ledger (XRPL). 

According to an official announcement today, Ripple will provide the necessary support for integrating the stablecoin dubbed USDS on the XRP Ledger. 

Notably, USDS is a fiat-backed stablecoin launched by Stably. Stably noted that USDS is fully collateralized and pegged to the U.S. dollars on a 1-1 scale, with the fiats held in traditional financial institutions. 

The stablecoin will be deployed on XRPL under the ticker (USD). Per the announcement, the stablecoin is also tipped to open up a fiat ramp that will be directly connected to end users’ traditional bank accounts. 

With Stably planning to partner with numerous U.S.-based financial institutions, the company intends to onboard businesses from over 200 countries. 

“We are very excited to partner with Ripple to support our fiat-to-stablecoin gateway to the XPRL via USDS. Regulatory compliance, transparency, and security have always been Stably’s top priorities and we look forward to bringing more of these benefits to the XRPL community,” Kory Hoang, CEO of Stably said.