The U.S. fintech company from the Web 3.0 segment will release its stablecoin Stably USD (USDS) based on the XRP Ledger blockchain (XRPL).
Seattle-based Web3 payment infrastructure provider Stably has partnered with Ripple Labs to create the Stably USD (USDS) stablecoin based on XRP Ledger.
According to Kory Hoang, CEO of Stably, the stablecoin will provide a fiat currency exchange for XPRL via USDS. Today, Stable is already running on more than a dozen blockchain networks, including VeChain, Tezos, Harmony, and Polymesh. The company has become the world’s only fiat gateway with stablecoin access to new blockchain ecosystems. Stably plans to partner with U.S. financial institutions and companies from over 200 countries.
USDS is fully backed by fiat assets held on the company’s bank deposits. Ripple’s technologies will allow USDS to comply with U.S. regulations, creating an “ultra-fast, low-cost, and carbon neutral public blockchain.”
Notably, such a partnership for Ripple Labs will further strengthen its presence in the U.S. financial market, despite disagreements with local regulators. Ripple’s participation in the development of the U.S. CBDC has been recently disclosed.
The demand for Ripple’s technologies in the international arena is also growing. For example, the Japanese consulting company btrax announced its collaboration with Ripple to create a Web 3.0 design lab. The new service will enable Japanese companies to gain access to information about options for using innovative Web 3.0 technologies to develop business projects.
Ripple’s technologies are already being used in Latin America to provide cross-border payments between Brazil and Mexico, and several international banks have created an alliance based on the Ripple payment network.
