A New Stablecoin— USDS, Pegged the US Dollar, has been Launched
With the kind of month, Tether (USDT)—a leading stablecoin had in October, the coin has so far lost its stance as an infallible coin. Following this slight fallout tether had, several other stablecoins are getting introduced. One of such stablecoin is StableUSD (USDS). The stablecoin is a product of Stably— a venture-capital-backed startup.
Stably announced the launch of the coin on their official medium account. The startup made it known through the post that StableUSD (USDS) will make use of a centralized model to peg its token 1 to 1 to the US Dollar.
The medium post also highlighted some important aspect of the stablecoin. The post stated that:
“StableUSD is a reserve-backed ERC-20 stablecoin that will be issued by Stably, in exchange for USD or ETH. Stably will utilize a centralized model to fully back every StableUSD token issued with an equivalent unit of real currency (e.g. US dollar) in a transparent reserve. In addition to regular third-party audits, token issuance/repurchase transactions are recorded on-chain and all off-chain transactions, as well as reserve balances, will be broadcast to the public at frequent intervals.”
Since it is a stablecoin, StableUSD (USDS) will be used for preserving the value of Crypto investment without having to worry about price fluctuations. However, Stably has stated that it has plans to use the coins for more than just this. The startup is of the belief that the tokens will someday facilitate cross-border payments.
High Standard of Transparency
Stably has also made it known that it will be providing better transparency than any other stablecoin in the market right now. The startup made it known that it has partnered with a Nevada-based trust company, Prime Trust.
The company made this known that:
“We are currently in active discussion to integrate with multiple third-party custodians and auditors in order to expand StableUSD’s network and reach. As of October 2018, we are officially partnered With Prime Trust as our Custodian and Cohen & Company as our Auditor.” As a result of this, the dollar reserve backing every stablecoin in circulation will be kept in the fiduciary custody of Prime Trust.