Stable launches StableUSD on Ethereum Mainnet


  Stable launches StableUSD on Ethereum Mainnet

Stably is one fiat -collateralized stablecoin which provides a transparent 1-to-1 parity for the US dollar. On August 16, Stably debuted with the StableUSD token on Ethereum mainnet.

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.

Related: Exclusive Interview with Stable to Provide Cryptographic Stability in an Unstable Market

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.

Source: Stably

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

Disclaimer: The opinions of our writers are exclusively their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate approve any projects that may be mentioned or linked in this article. Buying and exchanging cryptocurrencies should be considered a high-risk activity. Please do your due diligence before taking any action related to the contents of this article. Finally, CryptoSlate assumes no responsibility in case of loss of money by trading cryptocurrencies.

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  Jonathan Kim Author

Jonathan Kim

Jonathan Kim is a student of the University of Washington who invests in finance and cryptocurrency with a deep interest in the emerging sector of blockchain applications and cryptocurrency trading. His past experiences relate to the publication of original daily content for blockchain startups and cryptocurrency trading using the principles of technical analysis.

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