Fiat -backed, $ 100K Proof of True Reserve
The Stably development team has officially launched StableUSD (USDS Token) on the network Ethereum according to a blog post.
Headquartered in Vancouver, Canada, Stably is a venture capital start-up company seeking to bring stability to the volatile cryptocurrency market through a safe and transparent means of exchange.
Each StableUSD token is fully supported 1 to 1 by the US dollar, giving each American a value equivalent to American fiat currency.
Stably will maintain a true reserve of US dollars to support every StableUSD token, which users can review on the "Transparency Dashboard" on the Stably website. Each quarter, Stably will also release a reserve audit conducted by a Big Four accounting firm to ensure maximum transparency.
To prove their first StableUSD tick, Stably released a screenshot of the current checking account to show that there is a minimum balance of $ 100,000 to support 100,000 USDS tokens.
Stably is currently forming partnerships with major financial institutions to integrate non-frictional stabilized cryptocurrency for public and business use.
In an interview with CryptoSlate, Stably Co- Founder and CEO Kory Hoang said:
"We have a lot of exciting plans from here until the end of the year and in about a month we will announce officially our partnerships with caretakers, banks, auditors and trades! It was surprising the interest and the support we got from the big commercial institutions and even from the governments.I can not wait to drive the ship Stably through this great sea of opportunity in the coming years. "
Stablecoins attempt to provide the benefits of the blockchain without the volatility of cryptocurrency, creating a bridge between fiat and cryptic worlds. With its recent launch on Ethereum Stably appears to be at the forefront of public stablecoin adoption.
In addition to Ethereum, Stably intends to launch StableUSD on the Stellar Lumens network. For more information on Stably and StableUSD, you can visit the coin profile here.
Cover photo by Randy Tarampi on Unsplash
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