How It Works
In Q4 2021, VeChain turned down other major USD stablecoin issuers, including USDC and USDT to work with Stably for better development cost and time.
Stably quickly closed a partnership deal with VeChain to develop “VeUSD,” a USD-backed stablecoin issued on the VeChainThor network (i.e. a white-labeled USDS for their blockchain).
After 3 months of development, Stably launched VeUSD successfully in Q1 2022 and has attracted more than $5m+ in market cap since 🚀
¹ Financial services are provided by Prime Trust, L.L.C., a Nevada Trust Company through Stably’s user interface technology platform. All financial, custodian, and remittal services through the Stably Prime account are administered and issued by Prime Trust, or any of its regulated banking partners.
² Prime Trust supports currencies and assets including fiat, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), USD Coin (USDC), NFTs, and private tokenized securities.
³ To send and receive fiat and crypto on the Stably Prime platform, each account is subjected to satisfactory KYB verification through Prime Trust, as well as subjected to Stably’s Terms of Service (ToS), and Prime Trust’s Terms of Service (ToS).
⁴ Stably Prime (by Prime Trust) is a self-directed custodial account offered by Prime Trust through Stably. Prime Trust is a Nevada state-chartered trust company (License No. TR10035). All asset custody, funds processing, convertible virtual currency administration and compliance services are provided by Prime Trust. Digital assets are held in secure cold storage and USD funds are held in secured USD custody bank accounts by Prime Trust. Stably is a tech service provider, not a bank or financial service company.
⁵ Signing up for an account is quick and only takes a few minutes. Successful account registration is contingent upon satisfactory KYB verification by Prime Trust. To ensure your account is KYB verified as quickly as possible, we recommend all necessary documentation in either English or translated in romanized characters. All documents submitted for KYB purposes that are not in English or translated in romanized characters are subject to manual verification by Prime Trust, which may delay your account registration and verification.
⁶ Prime Trust, LLC is the official issuer and administrator of funds through the Stably Prime platform.
⁷ All custody and funds processing services are handled by Prime Trust LLC, a Nevada Trust Company. Stably does not manage nor custody customer funds.
⁸ Prime Trust is not a FDIC-member. USD funds held by Prime Trust are deposited with a network of custodian banks syndicated through IntraFi Network, a Virginia-based financial technology company. IntraFi enables USD balances held by Prime Trust to be swept to deposit accounts at multiple secured USD custody institutions, enabling multi-bank secure USD custody coverage for Prime Trust customers.
⁹ Stably does not charge any fees to open or hold an account. Prime Trust fees may apply.
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