Introduction The Decentralized Finance (DeFi) Revolution is taking over traditional finance (TradFi) and centralized exchanges (CEX), with billions in...
Since the initial launch of USD-backed stablecoin Stably USD ($USDS) on Ethereum in 2018, Stably has been setting new standards for transparency and interoperability in the stablecoin industry. That’s why we’re proud to announce the native launch of Stably USD under the ticker $USD on the XRP Ledger (XRPL) public blockchain.
Users from 200+ countries/regions worldwide can now mint and redeem Stably USD easily through a variety of traditional payment methods such as Fedwire, SWIFT, ACH, and credit/debit cards through Stably Ramp, a fiat-to-stablecoin gateway with low fees and access to emerging blockchains. This in turn unlocks several strategic initiatives that we will outline below, and supports the advancement of the blockchain industry as a whole. Supported payment methods include:
- Fedwire: 0-1 business day settlement (USA)
- SWIFT: 3-5 business days settlement (Global)
- ACH: up to 5 business days settlement (USA)
- Instant ACH (USA, coming soon)
- Credit/debit cards: same-day settlement (Global, deposit only)
What is Stably USD?
Stably USD is a multichain, US Dollar-backed stablecoin created by Stably in partnership with Prime Trust, a US-regulated and SEC-qualified custodian. Every Stably USD token is fully collateralized 1-to-1 with USD held in bank deposits managed by the custodian for the benefit of token holders. Stably USD is always redeemable for $1 US Dollar per token (minus fees) through Stably’s custodian partner.
Stably also partners with Cohen & Co., a leading US-based stablecoin auditor to provide monthly public attestations for Stably USD’s fiat collateral reserve, ensuring that every token in circulation is fully backed 1-to-1 with US Dollar. A live dashboard called StableInsight by Cohen & Co. also provides live reporting of the Stably USD fiat collateral account’s balance vs. total tokens in circulation across all networks they live on.
In addition to XRPL, Stably USD is also natively issued on 11+ other blockchains under the ticker $USDS, including Ethereum as well as emerging chains like Harmony, Stellar, VeChain, and Tezos, with many more coming soon. As a result, Stably USD can effectively serve as a multichain US Dollar “bridge,” enabling Web3 users to easily and securely transfer liquidity from various networks to/from XRPL. This bridging potential will only grow as Stably continues to expand onto more and more emerging blockchain networks over time.
Why XRP Ledger?
Three reasons made XRPL stand out in particular to Stably:
- Low on-chain transaction fees make XRPL extremely suitable for global payment/settlement and remittance use cases
- The prospect of future smart contract-enabled sidechains building on top of XRPL which will attract more DeFi activities and users
- World-class institutional relationships through XRPL and Ripple, such as with major payment providers, banks, and central banks
Stably considers building with XRPL a powerful strategic partnership that advances the interests of both parties as well as the industry as a whole. While it’s only the first partnership between Stably and XRPL, it’s likely that innovative new opportunities will arise in the future.
Setup Stably USD Trustline
Input issuer = rEn9eRkX25wfGPLysUMAvZ84jAzFNpT5fL
Code = USD
How to Mint and Redeem XRPL USD
The initial launch of XRPL Stably USD empowers individual users to mint and redeem tokens via Stably’s website or through the Stably Ramp application embedded within Xumm wallet, the largest non-custodial wallet application on XRPL. Institutional users will also be able to create a Stably Prime account in order to mint/redeem XRPL Stably USD or swap it for other digital assets, including USDC, USDT, BTC, ETH, and more.
For more instructions on how to buy and sell XRPL Stably USD, please check out:
- For individuals – How to Buy/Sell XRPL Stably USD via Stably Ramp [ARTICLE] [VIDEO – coming soon]
- For businesses – How to Buy/Sell XRPL Stably USD via Stably Prime [ARTICLE] [VIDEO – coming soon]
Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing fiat gateways, multi-chain stablecoins, and cross-chain bridged tokens to users of Web3 applications. Stably’s mission is to power this decade’s next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems. Visit stably.io to learn more.
XRP Ledger (XRPL) is a decentralized blockchain known for being fast, energy-efficient, and reliable. Their main focus is on the settlement and liquidity of tokenized assets at scale, including currencies, commodities, NFTs, and much more. Their goal is to build an open-source blockchain that’s fast, scalable, and sustainable for the planet. While Ripple is a network contributor and operates six validators, XRPL is not managed by them and is instead open-source. Visit xrpl.org to learn more.
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RISK DISCLAIMER: Nothing contained herein shall be considered financial advice or recommendation to buy/sell any security, commodity, cryptocurrency, digital asset, or any other financial instrument or asset. Cryptocurrencies, digital assets, and investing have many risks, including risk of losses beyond principal investment or purchase amount. Past performance is not indicative of future results. Investing, purchasing, and transacting in cryptocurrencies and digital assets carry a high level of risk and may not be suitable for all individuals. Before deciding to invest in cryptocurrencies and digital assets, you should carefully consider your objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss that may exceed your initial investment or purchase amount and therefore you should not invest money or purchase cryptocurrencies or digital assets in any amount that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency/digital asset investing, purchasing, and transacting and seek advice from an independent licensed financial advisor.
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