Web3 payment service provider Stably, who is based in Seattle, announced plans to start issuing its Stably USD (USDS) stablecoin on the XRP Ledger (XRPL), Coin Journal learned from a press release.
XRP Ledger, a decade-old blockchain, is most suitable for enabling liquidity and settlement of tokenized assets at scale.
Support from a leader in crypto and blockchain solutions
As a leader in enterprise crypto and blockchain solutions, Ripple will offer Stably the technical support needed for the integration between the latter’s stablecoin and XRP Ledger.
The first fully compliant stablecoin
Stably’s USDS is a multichain stablecoin fully backed by USD at a 1:1 ratio. The collateral is held in secure bank deposits for holders of the stablecoin. Stably works exclusively with qualified custodians and US-regulated trust companies.
After the Stably-XRPL integration, the stablecoin will be launched under the ticker “USD” on XRPL. This will bring the first fully compliant stablecoin to a low-cost, lightning-speed, carbon-neutral public blockchain designed for payments.
Onboarding businesses and individuals from 200+ countries
USDS’ new fiat ramp will connect to end users’ bank accounts directly. Stably has the capacity to onboard people and companies from more than 200 countries through its partnership with US financial institutions.
Stably’s clients will be able to mint and redeem USDS on the XRP Ledger using credit cards, debit cards, bank transfers, and other traditional payment methods.
Stably CEO Kory Hoang commented:
We are thrilled to partner with Ripple and use USDS to support our fiat-to-stablecoin gateway to the XPR Ledger. Our top priorities have always been security, transparency, and regulatory compliance. We hope to bring these and other benefits to the XRPL community.
Stably is supported on 10+ blockchains
Currently, Stably supports more than ten blockchain networks, including Tezos, VeChain, and Harmony. Stably is the only fiat gateway in the world whose stablecoin can access emerging blockchain networks as Stably is blockchain-agnostic.
Investments of $5m from crypto leaders in recent A round
This also helped it attract $5 million of investment from the CEO of VeChain and Cream Labs, Morgan Creek Capital, and other leading crypto investors in its recent Pre-Series A funding round.