Stably Launches StableUSD on Ethereum Mainnet

Stably is a fiat-collateralized stablecoin that provides transparent 1-to-1 parity to the U.S. dollar.

On Aug. 16, Stably debuted its StableUSD token on the Ethereum mainnet.

The Stably developer team has officially launched its StableUSD token on the Ethereum network, according to a blog post.

Based in Vancouver, Canada, Stably is a venture capital-backed startup seeking to bring stability to the volatile cryptocurrency market through a secure, transparent medium of exchange.

Stably will maintain a true reserve of U.S. dollars to back each StableUSD token, which users can review on the "Transparency Dashboard" on the Stably website.

Each quarter Stably will also release a reserve audit conducted by a Big Four accounting firm to ensure full transparency.

To give proof of their initial StableUSD mint, Stably posted a screenshot of the current reserve account to show that there is a minimum balance of $100,000 to back 100,000 USDS tokens.

Stably is currently forming partnerships with major financial institutions to integrate stabilized, frictionless cryptocurrency for public and enterprise use.

With its recent launch on Ethereum, Stably seems well-poised to be at the forefront of public stablecoin adoption.

In addition to Ethereum, Stably plans to launch StableUSD on the Stellar Lumens network.