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.