What is a Stablecoin?
Think of a stablecoin as a digital version of the physical dollar in your pocket. It's the next evolution of money - digital cryptographic cash. A stablecoin gives you all the benefits of cryptocurrency, like faster, cheaper and borderless transactions, without any of the volatility from market prices. And unlike other forms of digital money (e.g. PayPal, banks), you have full ownership of your money recorded on the blockchain, the same way you would if you were holding a physical dollar bill.
Stably USD (formerly "StableUSD"), also known as USDS, is a US Dollar-pegged stablecoin fully backed 1-to-1 and redeemable for USD held in an FDIC-insured trust account managed by Prime Trust, a state-chartered trust company in Nevada who is the token’s official regulated trustee and administrator. USDS is currently the 7th largest USD-backed stablecoin in the world and it is also featured on major cryptocurrency exchanges like Binance, Binance DEX and Bittrex. USDS is based on the ERC-20 token standard for Ethereum and the BEP-2 standard for Binance Chain at the moment and we will expand USDS to more blockchain protocols in the future, including EOS and Stellar.
In the near future, Stably and our regulated partners will release more stablecoins backed by other national currencies as well as commodities and precious metals such as gold and silver. We will also expand to other blockchains that have better features such as speed, scalability and security.
Our Stablecoin's Features
Stablecoin Use Cases
A Stablecoin for Multiple Blockchains
Smart Contract Audit Partners
Transparency & Security
Stably recognizes that stablecoins require a high standard of public transparency for consumers and businesses to build trust. As a result, we have engaged with Cohen & Co., a nationally top-ranking accounting firm, to conduct monthly attestations and verify that the entire supply of issued tokens is consistent with assets held in reserve accounts managed by our regulated trustee partners. Users may also view a live report of the reserve accounts via our partners' APIs when they open a Stably account.
Cohen & Co. provides attestations on our reserve on the last day of every month. Every attestation that has been published since the launch of USDS can be viewed below.
At Stably, the security of our clients' sensitive data is the lifeblood of our business. We take data security very seriously, both when the data is in transit and at rest on our servers. Stably and our partners use data encryption on all connections when receiving as well as sending data and all data is stored securely in our encrypted cloud servers. All of our smart contracts were also thoroughly audited by leading smart contract security firms such as Quantstamp, Security Innovation and CoinMercenary before official deployment. Our financial institution partners are also heavily regulated and audited by external firms to give you the transparency and peace of mind that you deserve. With us, you can only expect the highest standards of security controls.