Blockchain startup Stably has announced the launch of a stablecoin tethered to the american dollar, StableUSD (USDS), according to company’s blog.
“StableUSD will use a proven centralized model for full coverage of every issued token. The process of emission will allow to use Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Transacted cryptocurrencies will be converted into US dollars on a free market mediated by an outside administrator. The corresponding sum in StableUSD will then be issued and sent to a client through a smart-contract”,
– states the blog post.
As Stably’s representatives have claimed, USDS is intended to help cryptocurrency traders to “save their savings during market volatility”.
StableUSD dollar reserves will be put into Prime Trust, while Cohen & Co. will undertake a weekly audit of StableUSD financial reserves.
In April Benext Venture and other investors have financed the development of USDS with $500 000.
Many other companies ans startups have recently announced issuing of stablecoins, including The Novatti Group, IBM, Stronghold, Carbon and GMO Internet.