StableUSD (USDS) is a USD-backed stablecoin designed to run cross-chain protocols, including Ethereum and Stellar. StableUSD uses a proven centralized model and is issued by Stably, Inc with a close to 1:1 ratio of USD. In addition to regular third-party audits, token issuance/redemption transactions will be recorded on-chain, and all off-chain transactions and reserve balances will be published regularly. Backed by fiat dollars, transparent and redeemable, USDS tokens effectively link market value to real currency, close to 1:1.

Project Introduction

Stably created Stably Dollar (USDS) and Stably Prime, and stated that “Stably Dollar is the seventh largest USD-backed stablecoin in the world and is present on major crypto exchanges such as Binance and Bittrex”. Stably Prime bills itself as a borderless account that offers a wide range of financial services and products and can be customized to meet the specific needs of an individual or institution.
In April 2018, Stably announced the development of StableUSD, which was later renamed Stably Dollar (USDS). As a regulatory transparent stablecoin created by Stably, Inc, USDS is pegged 1:1 to the U.S. dollar (USD) held by a third-party custodian. Stably Inc. opened early access to Stably Dollar on the Ethereum blockchain in November 2018.

Function

Stably Inc. founders Kory Hoang, Bryan Guy, David Zhang and Amiya Diwan created the reserve-backed stablecoin, the Stably Dollar. The token aims to serve as a price-stable asset that fills the void left by other stablecoins.
Stably stated, “Our mission is to make financial transactions faster, cheaper and more transparent through a Borderless Neobanking platform powered by blockchain, stablecoins and open financial APIs.

Agreement

Stably Dollar (USDS) is backed by U.S. dollars held by Prime Trust, a US regulated trust company. In a blog post, the company wrote that USDS uses a proven centralized model that is fully backed up for all issued tokens. The issuance process allows Bitcoin (BTC), Ether (ETH) or Tether (USDT).
The cryptocurrencies traded will be exchanged for dollars on the free market through the intermediary of a third-party manager. An equivalent amount of USDS will then be released and sent to customers via a smart contract, ForkLog reports.
Stably.io stated, “USDS is a stablecoin pegged 1:1 to the U.S. dollar, and U.S. dollar reserves are deposited in an FDIC insured trust account managed by Prime Trust. Prime Trust, as a Nevada state chartered trust company, is the The official trustee management agency. USDS is currently the seventh largest stable currency backed by the United States in the world, and it has appeared on major encryption exchanges (such as Binance, Binance DEX, and Bittrex). Currently, USDS follows the Ethereum ERC-20 generation Token standard and Binance Chain's BEP-2 standard, in the future we will expand USDS to more blockchain protocols including EOS and Stellar.
Stably predicts, "In the near future, Stably and other regulated Our partners will release more stablecoins backed by other national currencies and heavy metals (such as gold, silver). We will also expand to other blockchains with better properties such as speed, scalability, and security".

Related links:
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