USDS Stablecoin Launches on Tezos
Stably’s USDS stablecoin will provide people low-cost, high-speed and borderless transaction capabilities.
Today, we are proud to announce the launch of Tezos USDS, our USD-backed stablecoin, on the Tezos public blockchain, the first product released as part of their ongoing collaboration with the Tezos ecosystem. Since our launch on the Ethereum mainnet in 2018, Stably has been setting new standards for transparency and usability in the stablecoin industry, and we’re excited to bring those same standards to the Tezos ecosystem with one of the first stablecoins in the world to be issued on Tezos.
What is Tezos USDS?
USDS is a stablecoin created by Stably, built upon the FA2 token standard, and issued by Prime Trust, a Nevada-chartered trust company that is also the regulated administrator for USDS. Stablecoins are cryptocurrencies that typically maintain a peg to national currencies on blockchains like Tezos — i.e. digital cash. Regulated, fiat-backed stablecoins like USDS are fully backed by physical reserves of fiat money and can be redeemed at a 1:1 ratio.
USDS avoids the price volatility of traditional cryptocurrencies, while still retaining many of their useful characteristics such as low-cost, high-speed transactions and cross-border payments without the high fees of credit card processors or money transfer companies.
USDS will also use TZIP-15 and TZIP-17 standards which allow for lightweight token permissioning and gas relaying, i.e. ability for users to pay transaction fees in USDS. The USDS contract was written in the Michelson language and is listed on Tezos mainnet under this address: KT1REEb5VxWRjcHm5GzDMwErMmNFftsE5Gpf.
How to Mint and Redeem Tezos USDS
This launch empowers users to mint and/or redeem USDS via Stably Prime. Users will also be able to quickly acquire and swap USDS on decentralized exchanges like Dexter and QuipuSwap in the coming weeks.
Our experience with high and rising gas costs on Ethereum led us to begin looking into new ecosystems in which to launch USDS and our Stably Prime platform. Tezos stood out in its ability to routinely coordinate protocol upgrades and implement functionality improvements. With the recent Delphi protocol upgrade slashing gas costs by as much as 75%, Tezos has become even more attractive as we seek to make tokenization and DeFi usable for mainstream and institutional users.
“We’re thrilled to participate in the burgeoning Tezos DeFi ecosystem — with low gas costs, institutional-grade security, and a new, regular schedule of protocol upgrades in place, we’re confident that Tezos is an ideal blockchain to grow our USDS stablecoin” said Kory Hoang, CEO and Co-Founder of Stably.
In the coming months, Stably will also launch additional products and features built on Tezos. Stay tuned for more exciting announcements coming soon!
Tezos is a decentralized, public blockchain that evolves by upgrading itself. Stakeholders of the Tezos network vote on upgrades to the protocol to reach social consensus on proposals, creating a secure and organic upgrading mechanism. The protocol’s on-chain governance system, its consensus algorithm based on Proof-of-Stake (PoS), and its ability to facilitate formal verification of smart contracts, make Tezos an ideal long-term solution for high-value financial applications.
Learn more about Tezos at https://tezos.com.
Stably is a fast growing FinTech company from Seattle founded in April 2018 by a team of former bankers and Amazon software engineers. The company has raised close to USD $3 million to date from angel investors as well as leading venture capital firms like 500 Startups, BEENEXT and Pay It Forward. Stably is also the creator of USDS, a US Dollar-backed stablecoin featured on major crypto exchanges like Binance and Bittrex. Stably’s mission is to make financial transactions faster, cheaper and more transparent through a borderless digital money platform powered by blockchain, stablecoins and open banking APIs.
For more information about Stably, please visit www.stably.io.
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