Stably Stablecoin Moves From Ethereum To Tezos: Report

The Stably stablecoin project has just announced its move from the Ethereum network to Tezos and will bring the USD-backed stablecoin there as we can read in today’s Tezos news.

Stably, the stablecoin development project said in a release that the USD-pegged stablecoin will be issued and deployed on the Tezos blockchain. The project is a decentralized and open-source blockchain network that can execute peer-to-peer transactions and serves as the platform for deploying smart contracts. Since its launch on the ETH mainnet in 2018, Stably was setting new standards for transparency and usability in the stablecoin space and the company said after they decided to move from the Ethereum network:

“We’re excited to bring those same standards to the Tezos ecosystem with one of the first stablecoins in the world to be issued on Tezos.”

We’re thrilled to announce our collaboration with the #Tezos ecosystem by bringing our USDS stablecoin to @Tezos!

USDS is a regulated, fiat-backed stablecoin issued and administered by Prime Trust, a Nevada-chartered trust company.

Learn more 👇https://t.co/obK9Zf8h20

— Stably (@StablyCoin) December 28, 2020

USDS is a stablecoin which was created by stably and it is built on the FA2 token standard, issued by Prime Trust which is a Nevada-based trust company that is regulated administer for the USDS co0in. Stablecoins are cryptocurrencies that maintain a peg to the national currencies on blockchains such as Tezos or more commonly referred to as digital cash. The fiat-backed stablecoins like USDS are fully backed by physical reserves of fiat money and can be redeemed in a 1:1 ratio.

USDS avoids price volatility that the traditional cryptocurrencies have while retaining most of their useful elements like low-costs, fast transactions, and cross-border payments without the high fees of credit card processors or money transfer companies. USDS will also use the TZIP-15 or TZIP-17 standards that allow token premissioning and gas reliance like the ability for users to pay transaction fees in USDS.

Stably said that the experience with the high gas costs on ETH was a major concern and caused the team to look into a new ecosystem in which to launch the USDS and the Stably Prime platform, as the company:

“Tezos stood out in its ability to routinely coordinate protocol upgrades and implement functionality improvements.”

Kory Honag, the CEO and co-founder of Stably said:

 “We’re thrilled to participate in the burgeoning Tezos DeFi ecosystem — with low gas costs, institutional-grade security, and a new, regular schedule of protocol upgrades in place, we’re confident that Tezos is an ideal blockchain to grow our USDS stablecoin.”

With the recent Delphi protocol upgrade slashing the gas costs by about 75% while Tezos became more attractive as we look to make the tokenization and DeFi usable for the mainstream and institutional users. In the meantime, users will be able to mint or to redeem USDS on Tezos and will also be available on a few decentralized exchanges such as QuipuSwap and Dexter.
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Stably added that in the upcoming months, it will integrate another functionality dubbed Stably Prime.