Stably and Polymesh Exploring Issuance of US Dollar-Backed Stablecoin USDS on Polymesh
The Polymesh Association is excited to share that it is working with blockchain and financial technology provider Stably to explore bringing stablecoin infrastructure to Polymesh, with the intention of launching Stably‘s inaugural USDS token on the institutional-grade blockchain.
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. The Stably-Polymesh integration will support the launch of USDS on Polymesh, bringing the first regulatory-compliant stablecoin to the blockchain built specifically for regulated assets.
Held on major cryptocurrency exchanges such as Bittrex and expanded across 10+ emerging blockchains including Harmony, Tezos, and VeChain, the launch of USDS on Polymesh will also dramatically widen Polymesh’s exposure to the cryptocurrency industry by bringing the first non-native token with wide market reach and multi-ecosystem connections.
Backed by real assets such as gold or fiat currency, stablecoins have surged in popularity in recent years owing to the unique advantages they have over traditional payment methods. Thanks to the blockchain, stablecoin transactions are recorded digitally in a way that’s transparent, verifiable, and immutable. They’re also faster and cheaper than traditional payment methods, enjoy significant secondary market liquidity, and make easier mediums of exchange for cross-border transactions.
“Stably is excited to team up with Polymesh and expand the Stably USD token into its reputable ecosystem”, said Kory Hoang, Co-Founder and CEO of Stably. “The choice to work with them was obvious given our shared vision for tokenized assets such as stablecoins and the importance of compliance considerations.”
“We’re thrilled to onboard one of the most promising stablecoin infrastructure providers in the space and look forward to the value Stably will bring to the Polymesh ecosystem”, said Graeme Moore, Head of Tokenization at the Polymesh Association. “Together, Stably and Polymesh are dedicated to driving the adoption and growth of tokenized assets. ”
About Stably USD
Stably USD (USDS) is a multi-blockchain US Dollar (USD) stablecoin backed by USD held by Prime Trust (PT) for the benefit of USDS token holders. Every USDS token can be minted/redeemed 1-to-1 with USD by a KYC-verified user. Monthly attestations are provided by Cohen & Co to maintain transparency and ensure 100% USD collateralization at all times for USDS.
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.
About Polymesh
Polymesh is an institutional-grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving challenges around governance, identity, compliance, confidentiality, and settlement.
Image from Zhifei Zhou on Unsplash
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