USDS and ZUSD live on DigitalBits Mainnet, Stably launches instances of DigitalBits Core, and announces development of compliant cross-chain token bridge
In November 2020, it was announced that Stably, the Seattle-based FinTech led by a team of former bankers and Amazon software engineers, would join the DigitalBits Partner Program, with plans to integrate the DigitalBits Network. DigitalBits is an enterprise-grade blockchain built to support consumer digital assets, inclusive of branded currencies and branded stablecoins, as well as emerging categories such as fan tokens and NFTs. The integration of Stably introduced a white-label solution for asset issuance on the DigitalBits Network, providing organizations and brands with the necessary tools to easily deploy their branded assets on-chain, while allowing them to take advantage of the scalability of the DigitalBits Network.
Stably has continued to work with the DigitalBits ecosystem since then, with contributions spanning both technology and infrastructure. Notably, Stably is operating nodes on the DigitalBits Mainnet, known as instances of DigitalBits Core. Nodes contribute to decentralization and network security, but also offer a host of benefits to individuals and organizations running them, including:
- Allows for customizations (triggers, etc) of the business logic or APIs
- Full control of which data to retain (historical or online)
- A trusted entry point to the network
- Trusted end to end (can implement additional counter measures to secure services)
- Open Frontier increases customer trust by allowing to query at the source (i.e, larger token issuers have an official endpoint that can be queried)
- Control of SLA
“With Stably acting as a medium for asset deployment on DigitalBits, it’s imperative that we support from the infrastructure side through the operation of nodes,” says Kory Hoang, Stably CEO. “In this way, we provide a trusted entry point for clients accessing the DigitalBits Mainnet through our platform, while contributing to the overall security of the network.”
Stably joins other DigitalBits ecosystem partners like Mantle and Zytara in the operation of DigitalBits nodes, a trend that will likely persist as the DigitalBits ecosystem continues to expand.
Additionally, Stably is responsible for the smart contracts of the first two non-native assets to enter the DigitalBits ecosystem, USDS, and the Zytara Dollar (ZUSD). These assets are now live and on-chain. What comes next is integration into the Stably Prime platform, through which users will be able to seamlessly issue and redeem USDS and ZUSD. This development will grant access to programmable stable assets on the DigitalBits Network.
“We are very excited to add DigitalBits to the growing list of chains that support USDS, as well as expand issuance of the Zytara dollar beyond Ethereum,” said David Zhang, Stably CTO. “The prevalence of stablecoins will only continue to grow, they are an essential component to a number of key use cases that will drive adoption for blockchain technology. However, to make stablecoins a true contender within payments markets, they need to run on highly scalable networks, a niche that DigitalBits more than fills.”
Stably and the DigitalBits Foundation, the leading contributor to the DigitalBits Network, are two organizations hyper focused on bridging the gap between analogue assets and the digital economy. The deployment of assets on-chain affords a number of benefits, notably speed, efficiency and security, and can vastly improve existing operations for brands and organizations, while opening up a number of new implementations.
“I’m very excited to see this first consumer facing activation on the DigitalBits Mainnet,” said Michael Gord, DigitalBits Foundation Managing Director. “We’ve been building up to this moment for a while now, and now we are going to see the transition from concept to utility. Branded stablecoins are a powerful tool and bring forth a plethora of benefits to both users and brands. This deployment is the first step towards driving the mainstream adoption of this budding asset class.”
Stably has also announced the development of a compliant cross-chain token bridge in partnership with regulated partner Prime Trust. This will enable the seamless movement of value across different protocols through the use of wrapped tokens. This initiative will play a role in the introduction of new non-native assets to the DigitalBits Network, starting with assets such as BTC and ETH, but with the ability to expand to much more.
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