Stably Ramp: The #1 Fiat-to-Stablecoin Gateway for Web3
Categories: ProductPublished On: February 14th, 20236.7 min read
The Decentralized Finance (DeFi) Revolution is taking over traditional finance (TradFi) and centralized exchanges (CEX), with billions in investment still pouring into DeFi projects in 2022 despite the global economic downturn. DeFi applications, including decentralized exchanges (DEX), can provide Internet-connected users anywhere in the world access to a wide range of permissionless financial services, such as trading, staking, and lending/borrowing, with the key difference being decentralization. Without a doubt, blockchain-powered decentralization can bring better transparency, less custody risk, lower transaction cost, faster settlement, immutability, financial inclusion, and countless other benefits to modern finance.
“[DeFi] can be considered both a suite of financial technology with the potential to disrupt existing market structures, as well as a compelling use case of blockchains that is helping drive value for crypto assets” ~Goldman Sachs
Historically, access to DeFi has been driven through people using CEXs as fiat on/off-ramps (i.e. exchanging between stablecoins and fiat such as USD). However, the recent collapse of one of the most prominent unregulated exchanges, FTX, has shed light on the inherent custodial risk of CEXs. The FTX scandal has permanently diminished trust in CEXs at the mainstream level as well as increased the demand for better alternatives to on-ramp from fiat to stablecoins.
There already exists a popular solution, however: fiat on/off-ramps that can minimize the time in which fiat funds are at risk, convert them to fiat-backed stablecoins (or other crypto assets), and deposit them into a user’s self-custody wallet (e.g. MetaMask) within a single transaction. So why do many users still use a CeX?
Instead of using CEXs, a safer alternative is using a fiat on-ramp to buy stablecoins (or other crypto assets) and settle them into a self-custody wallet that the user actually controls. This minimizes the time in which user funds are at risk, and directs the funds to a non-custodial wallet where the user is in full control of their private keys. The user can then easily interact with DEXs, DeFi apps, and the rest of the Web3 ecosystem on their own using non-volatile stablecoins (or other crypto assets). Ultimately, the user remains in full control of their own funds throughout most of the process.
With that said, we are proud to officially introduce Stably Ramp: a seamless, low-cost, and regulatory-compliant fiat on/off-ramp for stablecoins with access to emerging blockchain networks. In light of the recent FTX collapse, using fiat gateways such as Stably Ramp + DEXs to trade digital assets is a much more secure and transparent method compared to using traditional CEXs.
Not only do Stably Ramp users have full custody of assets within their own wallets at the end of a transaction, fiat payments made through Stably Ramp are processed for the benefit of the user by Prime Trust, our regulated custodian partner based in Nevada. Prime Trust is required by law to maintain full reserve of customer funds and it also cannot lend/borrow against customer funds thanks to being a trust company, not a bank. Once a fiat payment has settled from the user’s bank to Prime Trust, the funds are quickly converted to stablecoins (or other crypto assets) and disbursed to the user‘s self-custody wallet. As a result, Stably Ramp users now have significantly less custody risk to their funds than CEX users.
And that’s not all! Other awesome benefits of Stably Ramp include:
💸 Low fees: Buy and sell stablecoins for as low as $1 fee per transaction
💳 Traditional payments: ACH (available now) plus Instant ACH, Fedwire, SWIFT, and credit/debit card for Visa and MasterCard in 40+ countries (coming soon)
⛓️ Multichain assets: USDS on 10+ blockchains (available now) plus BTC, ETH, USDC, USDT, and other assets on all major blockchains (coming soon)
🌍 Regulatory compliant: KYC onboarding support for individuals in 200+ countries/regions, including KYB for institutions via Stably Prime (Stably Ramp KYB support coming soon)
↔️ Buying + selling: Not just a fiat on-ramp but also an off-ramp
😌 Simplicity: Intuitive and easy-to-use UI/UX. Onboard within minutes
🔌 Plug & play: Simple iFrame integration for Web3 wallets/apps
What Makes Stably Ramp Better?
While using CEXs could involve substantial custody risk, other major fiat ramp providers like MoonPay and Transak are not necessarily the best venues to purchase stablecoins, either. In fact, buying USDC or USDT there with USD can cost anywhere between 5% and 20%. These fiat ramps focus more on accepting cards instead of cheaper bank transfer methods such as ACH, Fedwire, and SWIFT. This is because they require the instant funds settlement from their customer’s card payments in order to lower their price risk in sourcing crypto liquidity and brokering it back to the customer.
Stably Ramp, however, focuses on brokering fiat-backed stablecoins and as a result, we are able to support a wider range of payment methods beyond just credit/debit cards (because we don’t have to deal with the same price risk for stablecoins as other crypto assets). By using ACH as the payment method, for example, a Stably Ramp user can deposit USD for free and buy stablecoins for as little as $1 fee (once the USD deposit has settled after a couple of business days).
Additionally, through Stably USD (USDS), Stably Ramp has now become the only fiat-to-stablecoin gateway for many emerging DeFi ecosystems across 10+ blockchain networks, including XRP Ledger, VeChain, Polymesh, Harmony, ICON, and Chia. USDS is a regulatory-compliant stablecoin backed 1-to-1 by USD held by Prime Trust for the benefit of USDS token holders. All collateral holdings of USDS are held in deposits at FDIC-insured banks by Prime Trust (more information here). USDS can be issued/redeemed 1-to-1 for USD by verified token holders via Stably Ramp (for individuals) and Stably Prime (for institutions).
Stably also partners with a stablecoin attestor to provide monthly attestations of the USDS collateral holdings (since 2018).
How to Get Started with Stably Ramp
You can register for free today at stably.io/ramp and securely connect your bank account to DeFi within minutes. For questions and support inquiries, please visit our FAQ and support page.
What is Next for Stably Ramp?
We believe the launch of Stably Ramp will greatly accelerate Web3 adoption by reducing existing fiat on/off-ramp pain points for crypto users worldwide. As such, we have prioritized working on 3 core areas in the coming months in order to improve user experience and further drive Stably Ramp adoption:
More payment methods: Rolling out support for Instant ACH, Fedwire (USA), SWIFT (global), credit/debit cards. Eventually, we will explore supporting more payment methods in other fiat currencies such as CAD, EUR, JPY, VND, etc.
More assets + blockchain networks: We are exploring a near-future integration with an advanced DEX + bridge aggregator to give Stably Ramp users the ability to buy/sell any stablecoin or crypto assets on any major blockchain networks (e.g. Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Fantom, Optimism).
Advanced wallet integration: We want to improve the Stably Ramp integration experience for Web3 wallets/apps. If you are a developer or potential integrator interested in improving your user’s fiat on/off-ramp experience, please contact us via this form.
We are fervent believers in a stablecoin-powered DeFi future, where millions of people can easily and affordably move funds between their bank accounts and Web3. If you’re interested in helping us make this a reality, please don’t hesitate to reach out to email@example.com or by using this form.
Stably is a US-based FinTech providing fiat onramp and stablecoin infrastructure to digital wallets, decentralized applications, Web3 projects, and blockchain development organizations. Our mission is to power the next billion Web3 users with a superior fiat <> crypto onramp to all popular and emerging blockchain ecosystems.
RISK DISCLAIMER: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value, including principal. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please view our full disclaimer.
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DISCLAIMER: Stably Corporation (“Stably”) is a blockchain and financial technology service provider, not a bank, with a registered address at 16192 Coastal Hwy, Lewes, DE 19958, USA. Stably Trading LLC (“ST”), a wholly owned subsidiary of Stably, is a FinCEN-registered money service business (MSB) with registration number 31000251219597 and a registered address at 10 E Pearl Ave Suite 200, Jackson, WY 83001, USA. Stably’s fiat orchestration partner, Bridge Building Inc. (“Bridge”), is a FinCEN-registered MSB with registration number 31000252673675 and a registered address at 1501 Hillmon St, Austin, TX 78704, USA.
Blockchain-connected products and services offered by Stably and ST are built on top of Bridge’s infrastructure via manual and automated integrations, leveraging its financial services including but not limited to: fiat custody, funds processing, virtual currency exchange, convertible virtual currency (CVC) administration—as defined by FIN-2019-G001—plus Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance services. Bridge is not an FDIC-insured institution but it works with FDIC-insured banks to hold US dollars (USD).
Stably Ramp (“Stably Ramp”) is a non-custodial fiat-to-crypto on and off-ramp platform that enables a verified account holder (“User”) to mint/redeem stablecoins as well as buy/sell stablecoins and other digital assets using fiat and blockchain payment methods. Fiat payments are processed by Bridge and blockchain transactions may be processed by Bridge, Stably, ST, or LI.FI (“LI.FI”), a decentralized exchange and token bridge aggregator. Only Users whose identities and funding sources are verified by Stably, ST, and/or Bridge for compliance with its terms and policies, including BSA/AML programs, are allowed to mint/redeem or buy/sell stablecoins and digital assets with Stably Ramp. Deposits and disbursements to/from a Stably Ramp account to third parties other than the account User are prohibited.
Stably USD (also known as “Stably Dollar” or “USDS”) is a multichain stablecoin fully backed with liquid USD-denominated assets such as cash, cash equivalents, and/or stablecoins. The collateral assets are held by Bridge and/or ST for the benefit of verified USDS token holders, including white-label versions of USDS like VechainThor VeUSD. Bridge and/or ST are the CVC administrators of USDS and its white-label versions. USDS and its white-label versions are not FDIC-insured. Every USDS token, including its white-label versions, may be minted/redeemed 1-to-1 with USD or USDC according to Stably’s terms and policies, minus fees, through a Stably Ramp account.
Stably BTC (also known as “Stably Bridged Bitcoin” or “BTCS”) is a cross-chain Bitcoin (BTC) bridged token fully backed with BTC held by ST for the benefit of verified holders of natively-issued BTCS tokens. ST is the CVC administrator of BTCS. Every BTCS token may be minted or redeemed 1-to-1 with BTC according to Stably’s terms and policies, minus fees, through a Stably Ramp account.
Stably ETH (also known as “Stably Bridged Ethereum” or “ETHS”) is a cross-chain Ethereum (ETH) bridged token fully backed with ETH held by ST for the benefit of verified holders of natively-issued ETHS tokens. ST is the CVC administrator of ETHS. Every ETHS token may be minted or redeemed 1-to-1 with ETH according to Stably’s terms and policies, minus fees, through a Stably Ramp account.
Stably reserves the right to deny, suspend or terminate any User’s usage of Stably Ramp, BTCS, ETHS, USDS and its white-label versions, if Stably deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with laws, rules, regulations, or best practices.
Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value, including principal. Stablecoins (e.g., USDS, USDC) and bridged assets (e.g., BTCS, WBTC) involve additional risks, such as technical challenges, security vulnerabilities, reliance on third-party custodians, and dislocation of market prices relative to the underlying collaterals. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please visit stably.io/terms-of-service.