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Seattle-based Web3 payment service provider Stably has announced plans to launch the Stabilly USD (USDS) stablecoin on the XRP Ledger (XRPL), Coin Journal has learned. press release.
A decade-old blockchain, the XRP Ledger is ideally suited to enable massive liquidity and settlement of tokenized assets.
As a leader in enterprise crypto and blockchain solutions, Ripple consistently provides the technical support required for the latter’s stablecoin and XRP Ledger integration.
Stable’s USDS is a multi-chain stablecoin fully backed by USD with a 1:1 ratio. Collateral is held in secure bank deposits for stablecoin holders. It works stably only with qualified custodians and US regulated trust companies.
After the Stabilly-XRPL integration, the stablecoin will launch under the XRPL ticker ‘USD’. This brings us the first fully compliant stablecoin on a low-cost, lightning-fast, carbon-neutral public blockchain designed for payments.
USDS’s new fiat currency ramp is directly connected to the end user’s bank account. Through our partnerships with US financial institutions, we have the ability to stably onboard people and businesses in over 200 countries.
Stable clients can issue 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 excited to partner with Ripple and use USDS to support their 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.
It currently stably supports 10+ blockchain networks, including Tezos, VeChain, Harmony, and more. Stable is blockchain agnostic, making it the only fiat currency gateway in the world that allows Stablecoin access to emerging blockchain networks.
It also helped attract $5 million in investment from the CEOs of VeChain and Cream Labs, Morgan Creek Capital, and other leading cryptocurrency investors in its recent pre-series A funding round.
