Stablecoins, in general, came under fire recently due to their not so transparent nature. With the launch of StableUSD (USDS) by Stably, and with its developers taking proactive measures towards providing a high standard of transparency, the coin is likely to outperform other stablecoin currently in the market.
Stably announced the launch of the StableUSD (USDS)—a fiat-collateralized stablecoin, via a post on its medium account. Going by the announcement, StableUSD (USDS) makes use of a centralized model to peg its token 1 to 1 to the US Dollar. Just like it is found in most types of stablecoins the token will serve the purpose of helping crypto trader preserve the value of their investment without having to worry about market volatility. Stably has however made it known that it envisions more use case for the token. The company believe the tokens will someday facilitate cross-border payments. Stably also predicted that soon enough the stablecoin will serve as an alternative for government-backed currencies in developing countries.
High Standard of Transparency
To provide a high standard of transparency and trust to its customers Stably is partnering with the Nevada-based trust company, Prime Trust. The dollar reserve backing every stablecoin in circulation will be kept in the fiduciary custody of Prime Trust.
Stably has also made it known that it will make sure to provide a well-documented audit report of its US Dollar escrow holdings on a weekly basis. This report will be available to users of its platform and they will be able to monitor the escrow balance in “real time” through live feeds provided by Prime Trusts’ APIs.
From all indications, the Stably Stablecoin, USDS is set to replace Tether (USDT) which recently experienced a massive sell-off. Tether has also received some backlash for its inability to provide audited records of its fiat reserve holdings. Recently the Stable published a letter showcasing its escrow reserve.