Home/Announcements/Stably USD Stablecoin Launches On Chia Network

Stably USD Stablecoin Launches On Chia Network

Categories: AnnouncementsPublished On: October 25th, 20225 min read

We are excited to announce the launch of Stably USD (USDS), our USD-backed stablecoin, on the Chia Network. 

The recent launch of Stably USD (USDS) on Chia Network marks a new milestone for transparency and interoperability in the stablecoin industry. Since its initial launch on Ethereum in 2018, Stably USD has been setting new standards for stability and reliability in the market. This collaboration with Chia Network brings our innovative stablecoin to the Chia ecosystem, offering users a more energy-efficient option for their digital assets.

Users from over 200 countries/regions can now easily mint and redeem Stably USD through Stably Ramp, a fiat-to-stablecoin gateway with low fees and access to emerging blockchains such as Chia Network. This development enables several strategic initiatives that support the advancement of the blockchain industry while offering users the convenience of traditional payment methods such as Fedwire, SWIFT, ACH, and credit/debit cards. 

What is Stably USD?

$USDS is a multichain, fiat-backed stablecoin created by Stably in partnership with Prime Trust, a Nevada state-chartered trust company and regulated custodian. The design of $USDS is such that it is legally compliant and fully collateralized, with the total value of the tokens issued being equal or lesser to the total value of the USD held in bank deposits. This provides holders of the token with the assurance that their assets are safe and secure.

$USDS also acts as a multichain U.S. Dollar “bridge” that allows Web3 users to easily and securely transfer their USD liquidity between networks. It is natively issued on 13+ blockchains, such as Ethereum, XRPL, Harmony, Stellar, Vechain (as $VeUSD) and Tezos, with more networks being added to further increase the bridging potential. Stably Ramp may be used to mint or redeem $USD via a range of methods: 

  • Fedwire: 0-1 business day settlement (USA)
  • SWIFT wire: 3-5 business days settlement (Global)
  • ACH: 5 business days settlement (USA)
  • Instant ACH (USA, coming soon)
  • Credit/debit cards: up to 1 day business day settlement (Global, deposit only)

The wide range of payment options combined with Stably’s focus on stablecoin infrastructure means that the buying or selling of crypto-assets can be done for as little as $1 per transaction. $USDS avoids the price volatility of traditional cryptocurrencies by always being redeemable for $1 USD per token via Stably. Stably also partners with stablecoin attestator to provide monthly public attestations for $USD, ensuring that every token in circulation is fully backed by $1 USD of collateral.

Why Chia Network?

Chia Network was chosen as our new partner due to its innovative approach to blockchain technology, combining proof-of-space and proof-of-time mechanisms for a more energy-efficient consensus. This unique consensus model allows Chia Network to provide a secure and eco-friendly alternative to traditional proof-of-work and proof-of-stake blockchains. Additionally, Chia Network’s custom programming language, Chialisp, enables faster and more energy-efficient smart contract execution.

Stably considers building with Chia Network a powerful strategic partnership that advances the interests of both parties as well as the industry as a whole. By leveraging the unique features of the Chia Network, USDS offers users a stable, low-cost, and high-speed option for cross-border transactions and decentralized finance applications.

How to Mint and Redeem Chia Network

The initial launch of Chia Network Stably USD empowers individual users to mint and redeem tokens via Stably’s website or through the Stably Ramp application embedded within the Chia Ecosystem. Institutional users will also be able to create a Stably Prime account in order to mint/redeem Chia Network 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 Chia Network Stably USD, please check out:

About Stably

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.

About Chia Network

Chia Network is a blockchain and smart transaction platform that aims to provide a more secure, efficient, and user-friendly approach to market infrastructure and decentralized finance. The layer-1 technology that Chia uses sets a new standard for compliance, responsibility, and inclusivity, with the support of reputable government agencies, partners, and investors worldwide. With an innovative open-source Layer-1 technology, Chia is committed to providing global consumer protection and improving global infrastructure. The team is deeply invested in exploring Chia’s distributed, sustainable Layer-1 architecture and its potential to revolutionize blockchain technology, creating a safer and more sustainable world for everyone.

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