Real-Time Reserve Balance and Automatic 1-Step Redemption for USDS

Stably continues to set the standard for the stablecoin industry by introducing automatic 1-step redemption, with the lowest minimum redemption on the market.


Stably Real-Time Reserve Balance

Two months ago, Stably launched its online platform for StableUSD, providing one of the easiest ways to purchase and redeem stablecoins on the market. Stably set the standard for transparency in the stablecoin industry by providing a real-time reserve balance of StableUSD via a live feed from the API of our reserve holder, Prime Trust. This dashboard is available for anyone on the StableUSD platform.


Stably’s real-time reserve balance dashboard, launched in January 2019Stably provides two pieces of information through this platform. The first is how much USDS we have in circulation, based on our smart contract. The second is how much USD our regulated trustee has in their reserve. You will notice at times, we will have more USD than USDS — this is because Stably burns USDS before we wire money for any redemption request, so in the time it takes for a user to receive their wire, StableUSD will be overcollateralized.

Leading third-party auditor, Cohen & Co., also provides regular attestations on our reserve balance. Our most recent attestation can be found here.

Regular attestations from Cohen & Co combined with our real-time dashboard — which shows not only our current balance, but historical balances of both USDS in circulation and USD in our reserve — gives our users full confidence that their tokens are backed.

Automatic 1-Step Redemption for USDS

Continuing to lead innovation in the stablecoin space, Stably is excited to announce an automatic 1-step redemption process for USDS, with the lowest minimum redemption amount on the market for this process, $50.

How to use automatic 1-step redemption

  1. Send USDS tokens to your personalized deposit address and funds will automatically be wired to your bank account


To enable 1-step redemption, simply open up an account at usds.stably.io and link a bank account on your profile page. You can find your personalized deposit address at usds.stably.io/sell.

Automatic 1-step redemption for USDS allows any users to redeem USDS from anywhere — exchanges, wallets, or anywhere else you are storing your tokens. This process can be fully automated to remove any manual steps for trading desks.

Fees

Stably is proud to charge no fees for purchase or redemption of USDS, outside of associated wire fees from your bank.

Account opening/closure fees: $0 USD

Account maintenance fee: $0 USD per month

USDS purchase fee: 0% per transaction

USDS redemption fee: 0% per transaction

Ethereum gas fee: 0 ETH for USDS purchase, market rates for USDS redemption

Wire fee for USDS purchase: Please refer to your bank or service provider’s fee schedule.

Wire fee for USDS redemption: $0 per transaction

About Stably

Stably is a venture-capital backed startup. Our vision for the future is to create a more efficient global infrastructure for transferring and settling funds — faster, cheaper, and accessible to all.

What is USDS?

USDS is a stablecoin created by Stably. Stablecoins are cryptocurrencies that are equivalent to national currencies — i.e. digital cash. Regulated, fiat-backed stablecoins are backed by physical reserves of cash and can be redeemed at a 1:1 ratio.

USDS virtually eliminates the crippling price volatility of traditional cryptocurrencies, like Bitcoin and Ethereum, while still retaining many of their useful characteristics.

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Stably is the creator of Stably USD, a USD-backed stablecoin and Stably Prime, a borderless account with a multitude of financial services and products, customizable to the individual or institutions specific needs.

All asset custody, funds processing, convertible virtual currency administration, trustee and fiduciary services are provided by Prime Trust, a Nevada chartered financial institution and licensed trust company. Digital assets are held in secure cold storage and USD funds are held in FDIC-insured bank accounts by Prime Trust. Stably is not a licensed financial institution and Stably does not manage nor take custody of client funds. Prime Trust neither endorses nor guarantees any of the information, recommendations, optional programs, products, or services advertised, offered by, or made available through the external website ("Products and Services") and disclaims any liability for any failure of the Products and Services.

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