Home/Announcements/USDS Stablecoin by Stably Launches on Harmony

USDS Stablecoin by Stably Launches on Harmony

Categories: AnnouncementsPublished On: August 30th, 20223.3 min read

Stably is proud to announce the native launch of Stably USD (USDS), our USD-backed and regulatory-compliant stablecoin, on the Harmony public blockchain. USDS is also Harmony’s first natively-issued stablecoin and the first product release as part of an ongoing collaboration between both Stably and Harmony. 

Since the initial launch of USDS on Ethereum in 2018, Stably has been setting new standards for transparency and interoperability in the stablecoin industry, and we are excited to help bring more of these benefits to the Harmony ecosystem. Individual and business users from 200+ countries worldwide can now mint/redeem Harmony USDS using a variety of payment methods via Stably Prime.

What is USDS?

USDS is a multichain, fiat-backed stablecoin created by Stably who works with Prime Trust, a Nevada state-chartered trust company and regulated custodian. Every USDS token is fully collateralized 1-to-1 with USD held in bank deposits for the benefit of USDS holders. USDS can also be minted or redeemed with USD via the following methods (click here for more info):

  • 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: instant settlement (global, deposit only)

In addition to Harmony, USDS is also natively issued on 10+ other blockchains, including Ethereum, VeChain (as VeUSD), Stellar, and Tezos, plus many more soon! As a result, USDS can effectively serve as a multichain US dollar “bridge,” enabling Web3 users to easily and securely transfer their USD liquidity from one network to another. Stably Prime users can also efficiently exchange USDS for BTC, ETH, LTC, ADA, as well as native USDT and USDC on Ethereum, Solana, Avalanche, and Stellar.

The USDS contract is deployed on Harmony mainnet at this address: 0x471f66F75af9238A2FA23bA23862B5957109fB21

USDS avoids the price volatility of traditional cryptocurrencies by always being redeemable for $1 USD per token through Stably. Stably also partners with the stablecoin attestato, to provide monthly public attestations for USDS, ensuring that every token in circulation is fully backed by $1 USD of collateral.

How to Mint and Redeem Harmony USDS

This launch empowers users to mint or redeem Harmony USDS via a Stably Prime account. Web3 users can also quickly acquire and trade Harmony USDS on decentralized exchanges like SushiSwap which supports the Harmony network.

For more instructions on how to mint and redeem Harmony USDS, please check out:

  • How to Mint Harmony USDS via Stably Prime [ARTICLE] [VIDEO]
  • How to Redeem Harmony USDS via Stably Prime [ARTICLE] [VIDEO]

Why Harmony?

Stably specializes on providing stablecoin and fiat gateway infrastructure for emerging blockchains. Harmony stood out to us in their ability to achieve efficient transactions using both Effective Proof-of-Stake and Fast Byzantine Fault Tolerance for fast and low-cost settlement times, with 2 second block finality. Their cross-chain architecture is also very attractive with features such as secure random sharding, fully scalable architecture, and efficient and fast consensus. In essence, launching on Harmony provides a mutually beneficial opportunity to support Harmony’s strong ecosystem through the issuance of a natively issued USD-backed stablecoin. Harmony’s goal of scaling trust for the next billion Web3 users also aligns with our mission of bridging TradFi and DeFi for the next billion Web3 users during this decade.

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 Harmony

Harmony is a blockchain-based platform that aims to address the conundrum of achieving both scalability and decentralization without sacrificing either. It is aimed to be a bridge between scalability and decentralization efforts. Harmony was built with the motto “decentralization at scale” in mind, emphasizing data sharing and the construction of fungible token and nonfungible asset marketplaces.

Visit harmony.one to learn more.