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

Yet another stablecoin has just launched – this time from a blockchain startup founded with the explicit aim of taking on the controversial but dominant tether (USDT) token.

Stably announced Thursday that its StableUSD (USDS) 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.

Perhaps most notably, Stably claimed in a blog post it would be transparent about its fiat holdings, saying:

“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.”

Accounting firm Cohen & Co. will also “conduct weekly attestations for our fiat reserve,” the post continued.

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