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XRP Ledger Might Have Its Native Stablecoin Soon: What is Stably USD (USDS)?


u.today 02 September 2022 14:40, UTC
Reading time: ~2 m

Veteran blockchain platform XRP Ledger might be the next addition to the array of networks that support regulated multi-protocol stablecoin USDS by Stably USD.

Stably partners with Ripple, expands USDS stablecoin to XRP Ledger

According to the official announcement shared by blockchain compaby Stably, it has inked a partnership with U.S.-based digital payments giant Ripple.

Stably is excited to partner with @Ripple for technical support to launch our #stablecoin as “$USD” on the #XRP Ledger, the ten-year old #blockchain designed to enable settlement and liquidity of #tokenized assets at scale 🔥🎉

Read more 👉 https://t.co/l9g8pCwtGm#xrpl #stably pic.twitter.com/7h1G1z1jUd

— Stably | WE'RE HIRING 👋 (@Stably_Official) September 1, 2022

With this partnership scored, Ripple is set to provide all necessary technical support for the implementation of Stably USD (USDS) blockchain on XRP Ledger (XRPL) platform.

New XRPL-based stablecoin will be issued under USD ticker. Thanks to its integration with U.S.-regulated banking institutions, Stably USD (USDS) will allow partners from 200 countries to seamlessly mint and claim their stablecoins on XRPL.

Kory Hoang, CEO of Stably, highlights that this integration will be the first-ever fiat-to-stablecoin integration for XRP Ledger ecosystem providing its B2B and B2C customers with a completely new experience:

We are very excited to partner with Ripple and support our fiat-to-stablecoin gateway to the XPRL via USDS. Regulatory compliance, transparency, and security have always been Stably's top priorities and we look forward to bringing more of these benefits to the XRPL community.

Bringing DeFi and TradFi instruments together for maximum capital efficiency

By Q4, 2022, Stably has already released Stably USD (USDS) on a number of popular blockchains, including the likes of VeChain, Tezos, Harmony and Polymesh.

Also, it yielded investments from a clutch of high-profile VCs, such as Morgan Creek Capital and leading angel investors (CEO of CREAM Labs and VeChain).

With its toolkit of solutions — including attestated fiat-collateralized stablecoin USDS — Stably is aimed at building a holistic DeFi/TradFi ecosystem of products for retail and entrepreneurial use in fintech.

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