Stably USD Stablecoin Launches On Coreum

Categories: AnnouncementsPublished On: May 31st, 20233.6 min read

Stably is excited to announce the launch of Stably USD ($USDS) on Coreum, an enterprise-grade L1 blockchain, marking a pivotal advancement in the future of decentralized applications.

Since debuting the USD-backed Stably USD ($USDS) on Ethereum in 2018, Stably has driven transparency and interoperability in the stablecoin industry. With the latest integration on Coreum and 12+ other networks via Stably Ramp, individuals and businesses worldwide can mint or redeem $USDS through various traditional payment methods, marking a significant step towards seamless global financial transactions. Stably views Coreum’s enterprise-grade L1 blockchain as an important strategic partnership that will benefit both parties and the industry in general.

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 quickly and securely transfer their USD liquidity between networks. It is natively issued on 12+ blockchains, such as Bitcoin, Ethereum, XRP Ledger, Harmony, Stellar, Vechain (as $VeUSD), Polymesh and Tezos, with more networks being added to increase the bridging potential further. 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 $1 USD of collateral fully backs every token in circulation.

Why Coreum?

Coreum offers a remarkable range of features designed to meet the needs of modern decentralized applications. As the first enterprise-grade L1 blockchain, Coreum complies with ISO20022 standards and is tailored specifically for businesses of all sizes looking to implement DeFi applications and protocols. Its modular, quick, secure, and interoperable design facilitates seamless integration across a broad range of use cases. Additionally, Coreum boasts exceptional transaction processing capacity, with a staggering 7,000 transactions per second executed by a federated group of 32 rotating validators. As the fastest blockchain in the world, Coreum provides an optimal platform for the Stably USD stablecoin. Furthermore, Coreum’s unique bridge functionality ensures seamless interoperability with various chains through collateralized wrapping, thereby ensuring compatibility with hundreds of blockchains currently in use. This mix of cutting-edge technology, scalability, and community-driven innovation makes Coreum the perfect choice for the launch of Stably’s USDS Stablecoin.

How to Mint and Redeem Coreum USDS

Individuals and Institutional users can easily mint or redeem USDS via Stably Ramp by visiting Stably Ramp. Institutional users will need to complete a brief KYB process to mint or redeem Coreum USDS. 

For further assistance, you might find Stably’s support articles useful. 

Please visit: 

About Coreum

Coreum is a 3rd-generation layer-1 enterprise-grade blockchain built to serve as a core infrastructure for decentralized applications with ISO20022 compatibility, IBC interoperability, and novel Smart Token technology. Offering 7,000 TPS, it guarantees elevated throughput, cost-effective fees, and unparalleled scalability. WASM-based smart contracts enable diverse use cases, while the low-latency, PoS network propels rapid, secure, and modular applications, expediting decentralized tech adoption in large-scale organizations.

Visit Coreum website to learn more.

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.

For all support inquiries, contact our support team via the support messenger or visit our Help Center.

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.

For more information, contact Stably.

Follow Stably: Twitter | Linkedin | Facebook | Stably Discord Community

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.