Guess Who’s Back? Back Again!
We are excited to announce the initial relaunch of Stably’s products and services after a brief hiatus over this summer due to the recent incident at Prime Trust, our former regulated custodian. Since then, our team has worked tirelessly to integrate with a new regulated partner, Bridge, to replace Prime Trust. Bridge is a US-based registered money service business (MSB) providing fiat and stablecoin orchestration services via API for FinTech and Web3 companies like Stably. Additionally, we have also established our own Wyoming statutory trust to hold and safeguard stablecoin collateral for the benefit of token holders.
With resilience and innovation at our core, we’re charting a new course to achieve Stably’s ultimate mission: Powering the next billion Web3 users with state-of-the-art stablecoin and fiat onramp infrastructure.
What Happened at Prime Trust?
In June 2023, Prime Trust announced to all clients and partners that it had suspended deposits and withdrawals after Nevada’s Financial Institution Division ordered the company to cease all activities amid various allegations, including a shortfall of customer funds. During July, Prime Trust was ordered into receivership by the Eighth Judicial District Court of Nevada. A month later in August, Prime Trust filed for Chapter 11 bankruptcy, in which it currently remains.
For the latest updates, please refer to the case’s information on Stretto. You can also follow @PrimeCoreUCC on X, formerly Twitter, for official statements and announcements from the bankruptcy’s Unsecured Creditors Committee.
What About Stably Users?
Needless to say, we were shocked and deeply disappointed by what transpired at Prime Trust, especially given that it’s a regulated trust company tasked with safekeeping customer funds. Nevertheless, we remain steadfast in our commitment to working toward a fair resolution for our users and existing stablecoin holders whose funds (~$2.2 million) still remain with Prime Trust. To that end, Stably has been serving as a member of the Creditors Committee, working closely with the committee members, its counsel, and the court to achieve the best outcome for unsecured creditors in a timely manner. We have also been sending out frequent updates on the bankruptcy and recently reminded our community of the proof of claim deadline. We will continue providing updates on the case as new details emerge.
If you have any questions about the Prime Trust bankruptcy, you may contact email@example.com (please note that we can only provide general information, not legal advice).
You may also contact Stretto via email at firstname.lastname@example.org, or via phone at 888-533-4753 (toll-free) and +1 303-536-6996 (international).
What About Our Stablecoins?
- The New USDS Token: We will relaunch our stablecoin under the same name (Stably USD) and symbol (USDS) starting in November 2023. USDS will continue to be a multichain US Dollar stablecoin that can be minted/redeemed 1-to-1 with USD or other regulated stablecoins (e.g., USDC). The collateral of USDS will be held in bank deposits, money market instruments, and/or USDC by our regulated partner, Bridge, or Stably’s statutory trust in Wyoming for the benefit of token holders. Additionally, periodic attestations shall be performed by an independent attestor to verify that every USDS token in circulation is fully backed 1-to-1 with collateral.
- Existing USDS Tokens: We are renaming the ~2.2 million existing USDS tokens issued on Arbitrum, BNB Chain, Chia Network, Ethereum, Harmony, ICON, XRP Ledger, Stellar, and Tezos as “Stably USD Classic” with the symbol “USDSC.” As mentioned above, Stably is coordinating with relevant parties from the Prime Trust bankruptcy to facilitate the return of collateral assets to USDSC token holders in due course (including white-labeled versions of our stablecoin).
What About Stably Ramp?
Stably Ramp, our non-custodial stablecoin and fiat on/off-ramp widget, is now back online! User onboarding is supported for both individuals and entities worldwide across 170+ countries/regions. Available payment methods currently include Fedwire, ACH push, credit/debit card, and USDC, with more methods getting added in the near future. Only stablecoins are listed for buying, selling, or swapping on Stably Ramp at the moment but we will add support for more digital assets very soon. Additionally, we have revamped and improved our fees to as low as 0.5% per transaction.
For third-party integrators, please refer to our documentation if you are looking to embed Stably Ramp within your application. All new and existing integrator questions may be directed to email@example.com.
What is Stably’s Future Roadmap?
- Stablecoin-as-a-Service: In addition to relaunching USDS on existing networks, Stably has been working together with several blockchain clients to launch or white-labeled USDS on new networks in Q4 2023 and early 2024. We are thrilled to continue providing stablecoin plus fiat onramp infrastructure to emerging blockchains and Web3 ecosystems. We also feel incredibly honored and privileged to have been chosen by our clients for this mission despite the challenges we have encountered this year. Stay tuned for more updates on our new stablecoin launches coming soon!
- Stably Ramp: As we continue growing our product and partnering with more third-party integrators, we will be adding new features and improvements to make Stably Ramp better than ever before, including:
- More payment methods, such as instant ACH pull and USDT (Q4 2023), plus Apple Pay, Google Pay, SWIFT, and other local fiat rails (2024).
- Greater asset/network support, such as BTC, ETH, and other altcoins on popular and emerging blockchains (2024).
- Developer-friendly integration, such as an API and SDK (2024).
As we start a new chapter, we wish to express our gratitude to the Stably community for your unwavering support, patience, and understanding during our company’s most challenging period so far. We firmly believe in a future where stablecoins, digital assets, and decentralized financial infrastructure pave the way for global economic empowerment. Stably’s mission remains unshaken as we are devoted to pioneering that future with state-of-the-art stablecoin and fiat onramp solutions. Your trust propels us forward, and together, we will usher in the crypto revolution to power the next billion Web3 users.
Thank you all for being the foundation upon which our journey is built! #WAGMI 🚀
Kory Hoang, CEO & Co-Founder
David Zhang, CTO & Co-Founder
Stably is a venture-backed FinTech from Seattle, Washington. We provide regulatory-compliant stablecoin and onramp infrastructure for emerging blockchains, Web3 applications, and financial institutions, enabling their users in 170+ countries/regions to easily buy, sell, or swap digital assets at competitive rates across multiple blockchain networks with stablecoins and fiat payments. Our mission is to power the next billion Web3 users with a superior fiat & stablecoin onramp.
For all inquiries, feel free to contact us.
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