Stable Brewing BTC and ETH for the Chia Blockchain Ecosystem

SEATTLE, 3 May 2023 /PRNewswire/ — Stably, a leading provider of Web3 payment infrastructure, has partnered with Chia Network, an eco-friendly blockchain and smart transaction platform, to introduce Bitcoin (BTC) and Ethereum (ETH) bridges to Chia’s DeFi ecosystem. This collaboration began with Chia USDS stablecoin in 2021, enabling efficient chain transactions and DeFi ecosystem development.

The partnership has led to the creation of Stablys BTC and ETH detention bridges, which give users access Bitcoin and Ethereum on the Chia Network under the ticker symbols BTCS and ETHS. These assets can be acquired via Dexie.Space, Goby Wallet or Stably Bridge, with KYC verification required for the latter.

“Partnering with the Chia Network to introduce Bitcoin and Ethereum into their expanding ecosystem is an exciting development for Stably. As a company dedicated to providing cutting-edge solutions in the Web3 payment infrastructure space, the Chia collaboration helps expand our range of services and advance the potential of DeFi, while being mindful of sustainability.” ~Kory Hoang, CEO of Stably.

To strengthen the integration, Stably collaborated with launch partners SpaceScan, Tail Database, Dexie.Space and Goby Wallet to increase ecosystem exposure for Chia BTCS and ETHS. This partnership marks a significant milestone in Chia’s DeFi landscape, as it enables BTC and ETH use and interoperability in decentralized applications on Chia.

BTCS and ETHS are fully collateralized and redeemable 1-to-1 for their respective underlying assets, with collateral held at Prime Trust. Stably, through its FinCEN-registered money services subsidiary, Stably Trading, manages the underlying securities for KYC-verified token holders in compliance with BSA/AML regulations. To ensure transparency, Stably will publish the balances of the security accounts on its website monthly, which can be verified through SpaceScan. The market value of BTCS on the Chia network is calculated by subtracting the total supply of BTCS from the balance in Stably’s Treasury Wallet.

Available in over 200+ countries/regions, including 17 US states, Stably Bridge offers users zero fees for issuing and redeeming BTCS and ETHS, excluding network fees. Stably is dedicated to further expanding the DeFi ecosystem and fully supports Chia, its community and its partners.

This strategic partnership between Stably and Chia Network represents a significant advance in the digital resource space, promoting greater interoperability and cultivating robust DeFi ecosystems. Also, it serves as a milestone for Stably as it plans to expand BTC and ETH to several new blockchain ecosystems. This partnership signals Stably’s broader intention to operate cryptocurrency and DeFi adoption across different blockchains by leveraging innovation and collaboration.

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.

To learn more about Stably, visit: stably.io

About Chia Network
Chia Network built a better blockchain to power real-world usage and applications. Founded by Bram Cohen, inventor of BitTorrent, Chia provides a secure, sustainable and regulatory compliant blockchain that sets the standard for the infrastructure of digital currency and inclusive access to global, decentralized finance. Through the innovative Proof of Space and Time consensus algorithm, Chia Networks leverages public open source blockchain hard disk space to create the first new Nakamoto Consensus page Bitcoin in 2009.

For more information, visit: chia.net

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RISK DISCLAIMER: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes and technological challenges. Past results are not an indication of future results. Digital assets are not insured by any government agency, and holding digital assets can result in loss of value and even principal. Bridged or wrapped digital assets (eg WBTC) involve additional risks, such as technical challenges, higher fees, security vulnerabilities and reliance on third-party custodians. Do your own due diligence and understand potential risks before buying/holding digital assets. Nothing herein should be considered legal or financial advice. For more information about risks and considerations when using our services, please visit: stably.io/terms-of-service.

SOURCE Stable