Stably, the Seattle-based Web3 payment infrastructure provider, announced today that the Stably USD (USDS) stablecoin will be issued on the XRP Ledger (XRPL), the 10-year-old blockchain best suited to enable settlement and liquidity of tokenized assets at scale. Ripple, the leader in enterprise blockchain and crypto solutions, will provide Stably with the technical support necessary to integrate USDS with XRP Ledger.
USDS is a multichain, fiat-backed stablecoin created by Stably who works with US-regulated trust companies and qualified custodians. Every USDS token is fully collateralized 1-to-1 with USD held in bank deposits for the benefit of USDS holders. The Stably-XRPL integration will support the launch of USDS under the ticker “USD” on XRPL, bringing the first regulatory-compliant stablecoin to an ultra-fast, low-cost and carbon-neutral public blockchain built for payments.
USDS will open up a fiat ramp connected directly to end users’ bank accounts. Through its partnership with US financial institutions, Stably can onboard individuals and businesses from 200+ countries and enable them to mint/redeem USDS on the XRP Ledger using traditional payment methods such as bank transfers and credit/debit cards.
Kory Hoang, CEO of Stably said, “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.”
To date, Stably has expanded to more than ten blockchain networks, including VeChain, Tezos, Harmony, and Polymesh. By being blockchain-agnostic, the company has become the world’s only fiat gateway with stablecoin access to emerging blockchain ecosystems. This also helped Stably attract $5M of investment from top crypto investors like Morgan Creek Capital and the CEO of CREAM Labs and VeChain in its recent Pre-Series A funding round.