Another Stablecoin Just Launched With 'Real-Time' View of Dollar Backing

Another stablecoin has just launched - this time from a blockchain startup founded with the explicit aim of taking on the controversial but dominant tether token.

Stably announced Thursday that its StableUSD is now available for purchase and redemption.

The token is backed by U.S. dollars held in escrow by Prime Trust, a regulated trust company in Nevada that has carved out a niche playing this supporting role in a number of stablecoin projects.

"Stably recognizes that a fiat-backed stablecoin requires a high standard of public transparency for consumers and businesses to build trust ... Users of Stably's future platform will be able to view our fiat reserve's balance in real-time via a live feed from Prime Trust's API.".

The token lost its market parity with the dollar last month, falling nearly 15 cents on at least one exchange, though it has since recovered.

Prospective users can apply to Stably's early-access program but must complete a know-your-customer process to begin generating or redeeming USDS. The tokens are generated through the use of smart contracts, according to the company's announcement.

Verified users can transfer funds to the trustee, at which point Stably will send the transaction to its smart contract.

"StableUSD will utilize a proven centralized model to fully back every token issued," the announcement stated.

Registered users can already conduct this process, though Stably intends to release a web portal to simplify the process.

Stably has been working to develop USDS for the better part of the year.