According to a recent press release, Stably Corporation, based in Seattle, has officially launched their multichain USD-stablecoin Stably USD under the USDS ticker. The coin released on XRP Ledger is the first ever USD-pegged stablecoin launched on XRPL as part of a cooperation between XRPL and Stably. The source also stated that USDS is a regulatory-compliant asset. Aside from XRPL, USDS has been iss
Regulatory-compliant stablecoin on XRPL USDS backed by USD at a 1:1 rate and can be exchanged at any moment since it was created with a U.S.-regulated and SEC-qualified custodian. The press release is not offering details on what bank or financial institution that is. The document merely refers to it as “Stably’s custodian partner.” In addition, there will be regular attestations every month for the fiat reserves that back Stably USD to ensure that every single token remains redeemable and fully backed with USD. Initially, the company launched its stablecoin on Ethereum four years ago.
Now, it is being utilized by users from more than 200 countries worldwide via various payment platforms: Fedwire, SWIFT, etc. The CEO of Stably, who also co-founded the company, Kory Hoang, stated that they chose XRP Ledger for its massive global potential and state-of-the-art products and tech. Besides, Ripple has a solid connection to financial institutions and low transaction fees.