Home/Announcements/USDS Smart Contract Migration Announcement for Q1 2020

USDS Smart Contract Migration Announcement for Q1 2020

Categories: AnnouncementsPublished On: December 20th, 20192.6 min read

USDS Smart Contract Migration Announcement for Q1 2020: Perpetual Revenue Sharing for Stably Affiliates, White-Labeling and Many More…

Beginning in February 2020, Stably will officially migrate USDS users from our current ERC20 smart contract to a new and improved smart contract that will support the following additional features:

  • Stably’s affiliates can now earn perpetual revenue-sharing based on the cumulative amount of USDS that they have issued and distributed into circulation over time. In other words, for every new USDS token that a Stably affiliate issues by depositing USD into our reserve, Stably will share up to 100% of our net monthly interest income that’s generated by that token’s USD reserve as long as the token remains in circulation (meaning the token has not been burned and redeemed for the underlying USD). This opportunity is unique to USDS and only made possible by our upcoming smart contract upgrade since it’s currently impossible to identify a token’s original issuer without hurting its fungibility (i.e. assigning serial IDs). Fortunately, Stably has developed proprietary technology that allows us to do just this without having to assign any serial ID for each token. As a result, USDS will become the first stablecoin in the world that shares revenue perpetually with affiliates based on cumulative issuance volume instead of static wallet address balances.

  • Stably’s enterprise clients who are looking to issue their own stablecoins can now easily white-label USDS under their own brands. Additionally, these tokens will also be automatically integrated by any platform or protocol whose wallets are already supporting the new USDS smart contract. This feature will help simplify the go-to-market process as well as increase initial adoption for our clients’ white-labeled stablecoins.

  • The issuance process for USDS has been enhanced to create a system of checks and balances to allow for multi-party issuance workflows. Each new token issuance will now contain a short delay which allows various authorized parties to double verify its validity, ensuring that all new tokens are fully authorized by all parties in the system.

Other features from the new smart contract that are not mentioned in this article will be announced later in January 2020 along with detailed migration instructions for USDS users. All USDS token holders are required to migrate to the new smart contract to receive replacement tokens first before any new redemption request can be made. We are also currently working with our exchange partners to consolidate existing USDS trading pairs to just BTC, BNB, USDT and fiat pairs before we migrate our smart contract in order to ensure a smooth transition.

Stay tuned for more updates coming soon about our smart contract migration as well as revenue-sharing programs for Stably affiliates. If you’d like to learn more, please feel free to email us at info@stably.io

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Investors: Kory Hoang, CEO — kory@stably.io

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