{"id":27749,"date":"2022-11-18T10:55:47","date_gmt":"2022-11-18T05:25:47","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=27749"},"modified":"2022-11-18T10:55:47","modified_gmt":"2022-11-18T05:25:47","slug":"xrp-ledger-gets-its-first-dollar-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/news\/xrp-ledger-gets-its-first-dollar-backed-stablecoin\/","title":{"rendered":"XRP Ledger gets its first dollar-backed stablecoin"},"content":{"rendered":"

Stably, a Web 3.0 startup based out of Seattle and creator of a TradFi and DeFi bridge, has decided to launch a multichain stablecoin on Ripple network\u2019s XRP Ledger. The ticker symbol of the new, dollar-backed stablecoin is USDS. The launch of the new stablecoin was announced by Stably on 17 November 2022 via a press note<\/a>.<\/p>\n

Since Ripple is an SEC-qualified reserve custodian, the USDS is expected to maintain a 1:1 ratio with USD. The Stably USD is the first stablecoin backed by the US dollar to be introduced on XRP Ledger.<\/p>\n

While the Stably USD is new to the Ripple network, it has already been issued across 11+ blockchains in the past. Some blockchains that are already familiar with the coin are Tezos, VeChain, Harmony, and Stellar.<\/p>\n

The coin that has been launched in the midst of the FTX turmoil isn\u2019t Stably\u2019s first stablecoin rodeo. Back in 2018, the startup launched a coin of the same kind on Ethereum.<\/p>\n

Additional details about USDS<\/h2>\n

Stably claims that in addition to being fully collateralized by actual USD reserves in a 1:1 ratio, USDS will be independently audited by a leading American auditor. The auditor will provide monthly certifications to show the state of Stably\u2019s fiat reserves against its stablecoin.<\/p>\n

So far, Stably has not officially disclosed the names of the custodian or the auditor.<\/p>\n

Users can mint and redeem the stablecoin via Stably\u2019s official web portal<\/a>. Alternatively, they could use the Stably Ramp apps. These apps are integrated into the largest non-custodial wallet application on XRPL, the Xumm wallet. Institutional customers will be offered the additional option of opening a Stably Prime account to mint USDS.<\/p>\n

The Stably\u2013Ripple partnership<\/h2>\n

The Stably\u2013Ripple partnership reflects their aspiration to launch a scalable and sustainable Web 3.0 platform.<\/p>\n

Kory Hoang, CEO of Stably, said that it\u2019s XRP Ledger\u2019s top-notch technology that made them persist with Ripple\u2019s state-of-the-art blockchain. The low transaction costs and strong institutional ties make XRP Ledger sits well with Stably\u2019s long-term goals, according to Hoang.<\/p>\n

Stably intends to simplify payments, create an infrastructure to bridge the gap between DeFi and TradFi, and onboard people to Web 3.0 using stablecoins, he explained.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stably, a Web 3.0 startup based out of Seattle and creator of a TradFi and DeFi bridge, has decided to launch a multichain stablecoin on Ripple network\u2019s XRP Ledger. The ticker symbol of the new, dollar-backed stablecoin is USDS. The launch of the new stablecoin was announced by Stably on 17 November 2022 via a […]<\/p>\n","protected":false},"author":76,"featured_media":27750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[7701],"tags":[6467,6536],"class_list":["post-27749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-11-13T20:17:51+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Ananda Banerjee\",\"description\":\"Ananda Banerjee is a creative copywriter at heart, a technical writer by profession, and a multifarious Web 3.0 creator in his leisure time. An ever-curious crypto connoisseur, he believes endless reading and purposeful learning are the keys to written and verbal specificity.\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/ananda-banerjee\/\",\"sameAs\":[\"A_B_boying\",\"https:\/\/www.linkedin.com\/in\/ananda-banerjee\"],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/acf35d8cc57009e7786c2fbd6b587f8d?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"","post_author":false,"guest_author":false,"hide_toc":true,"select_disclaimer":"Article Default Disclaimer","key_takeways":false},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/27749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=27749"}],"version-history":[{"count":1,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/27749\/revisions"}],"predecessor-version":[{"id":27752,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/27749\/revisions\/27752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/27750"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=27749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=27749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=27749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}