Stably, a web3 business that provides fiat gateways, multi-chain stablecoins, and cross-chain bridged tokens to users, has partnered with Ripple, the cross-border payment service provider, to integrate Stably USD (USDS) with XRP Ledger.
Ripple Partners With Stably
Through this partnership, Ripple will provide the Seattle-based Web3 payment infrastructure provider with the technical support needed to issue their stablecoin, Stably USDS, with XRP Ledger.
“The Stably-XRPL integration will support the launch of USDS under the ticker “USD” on XRPL, bringing the first regulatory-compliant stablecoin to an ultra-fast, low-cost, and carbon-neutral public blockchain built for payments,” the announcement said.
Stably is excited to partner with @Ripple for technical support to launch our #stablecoin as “$USD” on the #XRP Ledger, the ten-year old #blockchain designed to enable settlement and liquidity of #tokenized assets at scale 🔥🎉
— Stably | WE’RE HIRING 👋 (@Stably_Official) September 1, 2022
More so, it is said that USDS will open up a fiat ramp connected directly to end users’ bank accounts. As revealed in the update, USDS, which is fully collateralized 1-to-1 with USD held in bank deposits, can be minted or redeemed on the XRP Ledger using traditional payment methods.
Worthy of mention is that only KYC-verified Stably users can mint or redeem the stablecoin, USDS.
Read Also: Jeremy Hogan Highlights Why XRP Ledger’s Deal with Colombia Is the Perfect Example of Crypto Utility
Stably USD (USDS) on XRP Ledger
The XRP Ledger powered by Ripple can be employed for many purposes. In July, Peersyst Technology adopted the XRP Ledger to build the first National Land Registry for Colombians. Stably is excited to join the list of blockchain projects embracing the XRP Ledger to release USDS.
Stably USD with the ticker, USDS, is the inaugural token in the series of stablecoins created by the company. USDS is a one-to-one U.S. Dollar backed and redeemable stablecoin.
Stably’s partnership with Ripple comes as the company seeks to further expand its reach and services. It is worth noting that Stably has expanded to over ten blockchain networks, including VeChain, as it aims to bridge money from the real world to digital economies.
Kory Hoang, the Chief Executive Officer of Stably said, “We are very excited to partner with Ripple and support our fiat-to-stablecoin gateway to the XPRL via USDS. Regulatory compliance, transparency, and security have always been Stably’s top priorities and we look forward to bringing more of these benefits to the XRPL community.”
Follow us on Twitter, Facebook, Telegram, and Google News