Today, we are proud to announce the launch of ICON USDS, our USD-backed stablecoin, on the ICON public blockchain, the first product released as part of our ongoing collaboration with the ICON ecosystem. Since the launch on the Ethereum mainnet in 2018, Stably has been setting new standards for transparency and usability in the stablecoin industry, and we’re excited to bring those same standards to the ICON ecosystem with one of the first stablecoins in the world to be issued on ICON.
What is ICON USDS?
USDS is a stablecoin created by Stably, built upon the IRC2 token standard, and issued by Prime Trust, a Nevada-chartered trust company that is also the regulated administrator for USDS. Stablecoins are cryptocurrencies that typically maintain a peg to national currencies on blockchains like ICON — i.e. digital cash. Regulated, fiat-backed stablecoins like USDS are fully backed by physical reserves of fiat money and can be redeemed at a 1:1 ratio.
USDS avoids the price volatility of traditional cryptocurrencies, while still retaining many of their useful characteristics such as low-cost, high-speed transactions and cross-border payments without the high fees of credit card processors or money transfer companies.
USDS will also enable fee sharing which allows users to transfer without any transaction fees. The USDS contract is an ICON SCORE and is deployed on ICON mainnet at this address: cxbb2871f468a3008f80b08fdde5b8b951583acf06.
How to Mint and Redeem ICON USDS
Our experience with high and rising gas costs on Ethereum led us to begin looking into new ecosystems in which to launch USDS and our Stably Prime platform. ICON stood out in its ability to achieve efficient and fast Proof of Stake consensus for fast and low-cost settlement times as well as in its ability to act as an interoperable aggregator chain powering unique DeFi use-cases.
With the recent enterprise partnerships, ICON has become even more attractive as we seek to make tokenization and DeFi usable for mainstream and institutional users.
We encourage ICON developers to reach out to us to learn more about our products and how USDS on ICON can help advance the mission of building a trusted decentralized global network that allows anyone to connect to any blockchain.
In the coming months, Stably will also launch additional products and features built on ICON. Stay tuned for more exciting announcements coming soon!
Why is USDS necessary for ICON?
Stably USD (USDS) will play a vital role in the ICON DeFi ecosystem as a stablecoin solution on the network. With a growing DeFi ecosystem on the ICON blockchain, a non-volatile asset such as USDS is a necessary medium of exchange to enable protocols to be successful. The first integration of USDS will be on the Omm protocol. Omm is a money market protocol similar to Aave or Compound on the Ethereum Network. Users will be able to lend or borrow USDS, and if a user chooses to borrow USDS, they can then send it directly to their bank account to pay for everyday expenses via Bridge. Bridge is a widget developed by ICX Station, allowing the Omm protocol to create both a frictionless and permissionless money market meant not only for avid DeFi users, but also traditional non-crypto users looking to earn extra yield. The Bridge widget will provide a seamless user experience when withdrawing or depositing stablecoins (USDS) directly to and from a user’s bank account, enabling a first of its kind DeFi user experience.
Founded in 2017 by the ICON Foundation, ICON is a next generation blockchain protocol with smart contract functionality and interoperability. ICX is the native cryptocurrency of the ICON network. As an aggregator chain, ICON achieves interoperability – a web of interconnected networks aggregating all blockchain data into one layer. ICON’s “Blockchain Transmission Protocol” (BTP) is its novel interoperability solution, allowing all integrated blockchains to be interconnected to each other. Current BTP partners include Binance Smart Chain, Polkadot, NEAR Protocol, and Harmony. ICON also has a growing DeFi ecosystem that includes projects such as Balanced DAO, Omm Finance, Optimus Protocol, and Equality Exchange.
For more information about ICON, please visit https://iconrepublic.org/
Stably is a fast growing FinTech company from Seattle founded in April 2018 by a team of former bankers and Amazon software engineers. The company has raised close to USD $3 million to date from angel investors as well as leading venture capital firms like 500 Startups, BEENEXT and Pay It Forward. Stably is also the creator of USDS, a US Dollar-backed stablecoin featured on major crypto exchanges like Binance and Bittrex. Stably’s mission is to make financial transactions faster, cheaper and more transparent through a borderless digital money platform powered by blockchain, stablecoins and open banking APIs.
For more information about Stably, please visit www.stably.io.
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