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New Listing: Stably USDS token
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Stably is excited to announce that USDS, a USD-backed stablecoin, will be listed on Liquid Global. This is the start of an ongoing partnership between Stably and Liquid to bring USDS to the world. Furthermore, Stably is partnering with Tezos to bring USDS to the Tezos public blockchain.
How will USDS be supported on the Tezos Blockchain?
USDS is a stablecoin created by Stably, built upon the FA2 token standard, and issued by Prime Trust, a Nevada-chartered trust company also the regulated administrator for USDS. Stablecoins are cryptocurrencies that typically maintain a peg to national currencies on blockchains like Tezos — i.e., digital cash. Regulated, fiat-backed stablecoins like USDS are fully backed by fiat money reserves and can be redeemed at a 1:1 ratio.
USDS avoids the price volatility of traditional cryptocurrencies while still retaining many of their useful characteristics, such as low-cost, high-speed transactions and cross-border payments without the high fees of credit card processors or money transfer companies.
USDS also implements TZIP-15 and TZIP-17 standards, which allow for lightweight token permissioning and gas relaying, i.e., the ability for users to pay transaction fees in USDS. The USDS contract was written in the Michelson language and is listed on Tezos mainnet under this address: KT1REEb5VxWRjcHm5GzDMwErMmNFftsE5Gpf.
Our experience with high and rising gas costs on Ethereum led us to begin looking into new ecosystems to launch USDS and our Stably Prime platform. Tezos stood out in its ability to routinely coordinate protocol upgrades and implement functionality improvements. With the recent Delphi protocol upgrade slashing gas costs by as much as 75%, Tezos has become even more attractive as we seek to make tokenization and DeFi usable for mainstream and institutional users.
“We’re thrilled to participate in the burgeoning Tezos DeFi ecosystem — with low gas costs, institutional-grade security, and a new, regular schedule of protocol upgrades in place, we’re confident that Tezos is an ideal blockchain to grow our USDS stablecoin,” said Kory Hoang, CEO, and Co-Founder of Stably.
In the coming months, Stably will also launch additional products and features built on Tezos. Stay tuned for more exciting announcements coming soon!
Tezos is a decentralized, public blockchain that evolves by upgrading itself. Stakeholders of the Tezos network vote on upgrades to the protocol to reach social consensus on proposals, creating a secure and organic upgrading mechanism. The protocol’s on-chain governance system, its consensus algorithm based on Proof-of-Stake (PoS), and its ability to facilitate formal verification of smart contracts make Tezos an ideal long-term solution for high-value financial applications.
Learn more about Tezos at https://tezos.com.
Stably is a FinTech company that connects traditional finance to decentralized finance. Stably provides technology infrastructure for asset tokenization and crypto on-ramping. Stably’s mission is to make financial transactions faster, cheaper, and more transparent through a borderless digital money platform powered by stablecoins and tokenized assets.
For more information about Stably, please visit www.stably.io.