Stably has launched the first dollar denominated stablecoin on Chia Network.

Stably’s USDS is a CAT based on the CAT1 standard and is the first stablecoin to arrive on Chia Network. It is a dollar backed stablecoin where you can convert your USD to USDS by depositing your USDS through a Stably Prime Trust account.

Who is Stably?

Stably is a FinTech company that helps traditional business bridge the crypto chasm. Stably provides technology infrastructure for asset tokenization through a whitelabel platform solution APIs and SDKs, as well as bespoke integrations. 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. To learn more about Stably, visit their website.

Why is this important?

Stablecoins are integral part of all blockchain ecosystems and is important for the following reasons:

  • Creates stablecoin trading pairs - Chia ecosystem players will benefit from being able to seamlessly enter and exist XCH positions with a USDS/XCH trading pair
  • More capital inflow - creating cheaper, decentralized opportunities to bring new capital into the Chia ecosystem
  • Marketplace for chia tokens - with the Offers capability, there is now a decentralized marketplace for trading between different CATs
  • Enterprise onboarding - For companies looking to participate in carbon credit auctions, they can quickly and easily acquire USDS to participate in on-chain auctions
  • Low cost - There is no cost other than bank wire transfer fees to convert your USD and mint USDS on Chia

What markets does it address?

New entrants - Users and institutions who are new entrants to the Chia ecosystem can use fiat, BTC, or ETH to buy USDS as a means of onboarding to the Chia ecosystem.

Farmers - Chia farmers receive 100% of their farming rewards in XCH. USDS gives farmers an easy exit to stability in times of volatility without having to incur exchange fees.

Investors - Participants who want to frequently enter and exit their XCH position can do so easily with USDS and Chia Offer files.

Enterprise carbon credit buyers - Enterprises who wish to participate in a carbon credit auction in which they acquire a CAT may use Offers to buy USDS from Stably Prime and trade USDS for carbon credit CATs.

How does USDS further Chia’s value proposition of secure, sustainable, and compliant?

Secure: USDS is CAT-based on the CAT1 standard and can be self-custodied. USDS was also not designed with centralized control features like clawbacks, balance freezing that other stablecoins have implemented.

Compliant: USDS is issued by Stably, who adhere to US securities and commodities laws, publish audited reports of its USD reserves, and retain 100% of its holdings in USD.

How do I get USDS on Chia?

To get USDS, visit our Buy XCH page.