Stably Corporation has issued USD-backed stablecoin on XRP Ledger
According to a recent press release, Seattle-based Stable Corporation has announced the official launch of its multichain USD-stablecoin stablecoin USD, under the ticker USDS.
The coin has been released on XRP Ledger. This is the first ever USD-pegged stablecoin that has been launched on XRPL as part of a cooperation between XRPL and Stably. The source also stated that USDS is a regulatory-compliant asset.
In addition to XRPL, USDS has been issued on 11 other chains, including Ethereum, Stellar, VeChain, and Tezos.
Regulatory-compliant stablecoin on XRPL
USDS is fully backed by USD at a 1:1 rate and can be exchanged at any moment, since it was created together 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 verification for fiat reserves on a monthly basis to ensure that each and every token is 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 around the world via various payment platforms: Fedwire, SWIFT, etc.
Corey Hoang, CEO of Stable, who also co-founded the company, said that they chose XRP Ledger for its huge global scale and cutting-edge products and technology. Furthermore, Ripple has strong ties to financial institutions and low transaction fees.
Minting USDS via Xumm wallet
Users can now create and redeem USDS stablecoins via the site of Stably or they can use Stably Ramp app, which is built into the Xumm wallet of XRP Ledger.
Institutional customers will also be able to do the same through the stablecoin ramp and exchange USDS for BTC, ETH and other coins as well as stablecoins such as USDT and USDC.
