USD-pegged stablecoin USDS released on XRPL and 10 other chains. Stably_Official XummWallet
, Stably Corporation based in Seattle has announced the official launch of their multichain USD-stablecoin Stably USD under the USDS ticker.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 issued on 11 other chains, including Ethereum, Stellar, VeChain and Tezos.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.
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 strong connection 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 clients will also be able to do the same via Stably Ramp and exchange USDS for BTC, ETH and other coins, as well as stablecoins like USDT and USDC.
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