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Stably USD Stablecoin Launches On Polymesh

Categories: AnnouncementsPublished On: February 16th, 20234.7 min read

Stably is proud to announce the native launch of Stably USD ($USDS) on Polymesh, the premier public blockchain built for regulated assets. 

Since the initial launch of USD-backed stablecoin Stably USD ($USDS) on Ethereum in 2018, Stably has been setting new standards for transparency and interoperability in the stablecoin industry. Now, individuals and businesses from 200+ countries around the world have the ability to mint or redeem USDS on Polymesh and 12+ other networks (where it’s known as $USDS) through Stably Ramp. Stably views the potential of asset tokenization on Polymesh as a significant strategic partnership that will not only benefit both parties but also benefit the industry in general.

What is $USDS?

$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 12+ 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 Polymesh?

Asset tokenization is growing at an incredible rate and is anticipated by Boston Consulting Group to reach $16.1 trillion by 2030. Security tokens will represent a large proportion of this figure as bonds, equities, and other financial instruments become increasingly tokenized. However, traditional blockchains are not purpose-built for security tokens, providing an immense opportunity for Polymesh that’s hard to overstate.

Polymesh was a clear partner of choice for Stably given our shared vision for the compliant tokenization of assets” said Kory Hoang, CEO and Co-Founder of Stably. “We’re thrilled to be working alongside a leader in this field, and are eager to explore which other avenues this collaboration may take us.”

$USDS will be particularly useful in facilitating the on-chain trading of tokenized assets on Polymesh. Asset prices may be quoted and traded in U.S. Dollars rather than solely in volatile cryptocurrencies, greatly improving the user experience. 

Additionally, $USDS can also be used to securely bridge liquidity between Polymesh and 12+ blockchains where it exists natively. It may also be used for on/off ramping funds using Stably Ramp, further lowering the barriers between TradFi and DeFi.

Both parties are committed to supporting one another and pursuing additional strategic initiatives where possible.

How to Mint and Redeem Polymesh USDS

Individuals can easily mint or redeem Polymesh USDS via Stably Ramp by visiting ramp.stably.io.  Institutional users will need to create a Stably Prime account and complete a brief KYB process in order to mint or redeem Polymesh USDS. Both of the above processes are quick and simple, and Stably will be releasing “How To” guides in the near future. Stay tuned!

About Polymesh

Polymesh is a blockchain purpose-built for security tokens. It is an institutional-grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving challenges around governance, identity, compliance, confidentiality, and settlement.

Visit polymesh.network 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.

Visit stably.io to learn more.

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