First USD-pegged stablecoin launches on XRP Ledger.
Leading Seattle-based Web3 payment company Stably Corporation has launched its multichain USD-pegged stablecoin on XRP Ledger (XRPL). The stablecoin, dubbed Stably USD (USDS), supports XRPL’s goal to provide a sustainable and scalable platform for tokenized assets.
According to a press release today, Stably USD has become the first USD-backed stablecoin to launch on XRP Ledger. The move is part of a partnership between Stably and Ripple. It is noteworthy that the stablecoin has been launched on 11 other blockchains, including VeChain, Ethereum, Tezos, and Solana. The web 3.0 payment company plans to launch Stably USD on more blockchains soon.
How to Mint XRPL-Based USDS
Per the announcement, users can mint/redeem XRPL-based USDS through the Stably website or Stably Ramp applications integrated into the Xumm wallet. Furthermore, institutional users can mint/redeem XRPL-based USDS by creating a Stably Prime account.
Stably Sets New Transparency Standard
To build public trust, Stably created the stablecoin in collaboration with an SEC-qualified custodian. USDS is fully collateralized at a 1:1 rate, with its USD bank deposits managed by the custodian.
Stably further noted that it partnered with a top U.S. stablecoin auditor tasked with providing monthly attestations for the fiat reserves backing USDS. Meanwhile, Stably did not reveal the names of the stablecoin auditor and custodian.
Kory Hoang, CEO, and Co-Founder of Stably, stated that the company chose to launch USDS on XRP Ledger due to the blockchain’s cutting-edge technology, adding:
“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.”
The technological prowess of XRPL has made it difficult for developers to ignore. The development comes months after TheCryptoBasic reported that Ripple would provide the necessary tech support for Stably USD. Commenting on the development at the time, Hoang said:
“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.”
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
