First XRPL-Based USD Stablecoin (USDS) Launched with SEC-Qualified Custodian

Nov 18,2022
First XRPL-Based USD Stablecoin (USDS) Launched with SEC-Qualified Custodian
  • Stable currency on XRPL in compliance with regulatory requirements
  • Dig USD according to Xum wallet

According to a recent press release, Stably Corporation, headquartered in Los Angeles, announced the launch of its multi chain USD stable currency, Stably USD, which uses the USD code.

Coins have been sold on XRP Ledger. This is also the first US dollar linked stable currency jointly launched by XRPL and Stably. Insiders also emphasized that the USDS is a property that meets regulatory requirements.

Apart from XRPL, the USDS has long been sold on other 11 chains, including Ether, Stellar, VeChain and Tezos.

Stable currency on XRPL in compliance with regulatory requirements

The USDS is fully applicable in US dollars at a 1:1 rate and can be exchanged at any time, because it was established together with the fund custodian that meets the requirements of the US regulators and the SEC. The press release is not given to specific banks and financial enterprises, and the document only refers to it as "Stably's escrow partner"

In addition, the statutory reserve applicable to stable US dollars will be checked regularly every month for certification to ensure that each token can be exchanged and fully applicable to US dollars.

At the beginning, the company introduced stable currency on digital currency four years ago. Today, users from 200 countries and regions around the world use a variety of payment systems: Fedwire, SWIFT, etc.

Kory Hoang, CEO of Stably, is a co-founder of the company. He pointed out that they chose XRP Ledger because XRP Ledger has great worldwide potential and the most advanced products and technologies. In addition, Ripple has a close relationship with financial enterprises, and the transaction fee is not high.

Dig USD according to Xum wallet

Customers can now establish and exchange USDS stable currency through the Stably website, or use the Stably Ramp application software, which is placed in XRP Ledger's Xum wallet.

Institutional customers can also carry out the same operation through Stably Ramp, converting USDS into BTC, ETH and other coins, as well as USDT, USDC and other stable coins.

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