XRP News: First USD Stablecoin Launched on XRP Ledger
A leading Web3 startup based in Seattle has announced the launch on XRP Ledger (XRPL) of its multichain $1 pegged stabilizecoin. The USDS sticker, which is used to identify the stablecoin, supports XRPL’s mission to provide a sustainable platform that can grow with individuals and businesses.
XRP Receives Its First Stablecoin
According to a press release, Stably USD is today’s first stablecoin backed with the US dollar to be added on XRP Ledger. This is the result of Ripple and Stably’s partnership.
This is major news for XRP’s market dominance and price boosting, as it faces stiff competition from Stellar, Cardano, and Solana.
Read More: Cardano and XRP: Who will hit $1 in 2023?
The stablecoin was also introduced on 11 other blockchains, including VeChain and Ethereum, Tezos and Solana. The web 3.0 startup plans to soon introduce Stably USD to other blockchains.
Mint XRP-Based USDS
Users can either mint or redeem USDS via Stably’s web portal, or use the Stably Ramp apps which are integrated into Xumm wallet. This is the largest non-custodial wallet app on XRPL.
Institutional customers can also open a Stably Prime Account and mint/redeem USDS on XRPL.
USDS Banks Are High on Transparency
Stably, in collaboration with an SEC-qualified custodian created the stablecoin to increase public trust. USDS is fully 1:1 collateralized thanks to the custodian’s handling of USD bank deposits.
Stably stated that it had collaborated with an American stablecoin auditor, entrusted to deliver monthly certification for fiat reserves supporting USDS. Stably did not reveal the identities of the custodian and stablecoin auditor.
Cutting-edge Tech from XRP: How to Leverage It
Kory Hoang, CEO of Stably and Co-Founder, said that the company launched USDS on XRP Ledger due to the blockchain’s state of the art technology.
“Their strong institutional relationships, low transaction fees, and stablecoin infrastructure suit Stably perfectly. This allows for a wide range use cases like simplified payments and remittances. We expect stablecoin demand will continue to grow tremendously.
It remains to be seen if XRP’s new stablecoin can match up with industry giants such as USDT, BUSD, and USDC which currently hold the largest share of the market.
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