Stabilt and Polymesh explore issuing US Dollar-backed Stablecoin USDS on Polymesh
ZUG, Switzerland, 31 August 2022 /PRNewswire/ — Polymesh Association is pleased 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 first institutional-grade USDS token on the blockchain.
USDS is a multi-chain, fiat-backed stablecoin created by Stably working with Prime Trust, a Nevada state-authorized trust company and regulated custodian. Each 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 stablecoin to the blockchain built specifically for regulated assets.
Held on major cryptocurrency exchanges such as Bittrex and expanded across 10+ new blockchains including Harmony, Tezos and VeChain, the launch of USDS on Polymesh will also dramatically expand Polymesh’s exposure to the cryptocurrency industry by bringing the first non-native token with a broad market reach and multi- ecosystem connections.
Backed by real assets such as gold or fiat currency, stablecoins have increased in popularity in recent years due to the unique advantages they have over traditional payment methods. Thanks to the blockchain, stablecoin transactions are digitally recorded in a way that is transparent, verifiable and immutable. They are 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 pleased to join forces with Polymesh and expand the Stably USD token into the recognized ecosystem”, so Corey Hoangco-founder and managing director of Stably. “The choice to work with them was obviously given our shared vision for tokenized assets like stablecoins and the importance of compliance considerations.”
“We are thrilled to be 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”, so Graeme Moorehead of tokenization at the Polymesh Association. “Together, Stably and Polymesh are dedicated to driving the adoption and growth of tokenized assets.”
About Stable 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. Each USDS token can be minted/redeemed 1-to-1 with USD by a KYC verified user. Monthly certificates are provided by Cohen & Co to maintain transparency and ensure 100% security in USD at all times for USDS.
Visit stably.io/usds to learn more.
About Stable
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 hybrid 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 established and emerging blockchain ecosystems.
Visit stably.io to learn more.
About Polymesh
Polymesh is an institutional-grade permissioned blockchain built specifically for regulated assets. It streamlines outdated processes and opens the door to new financial instruments by solving challenges around governance, identity, compliance, confidentiality and settlement.
Visit polymesh.network to learn more.
Media contact: [email protected]
SOURCE Stable
