The U.S. dollar stablecoin market is getting pretty crowded.
Blockchain startup Stably said 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.
Stably said in a blog post it will be transparent about its fiat holdings. “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.”
That could be seen as a dig at the tether (USTD) dollar-pegged stablecoin, which has had problems after losing 1-for-1 parity with the dollar. Several cryptocurrency exchanges have either dropped it or added other dollar stablecoins as investment alternatives. The recent burning of 500 million tether by Tether, the issuing company, didn’t do much to calm nerves either. Read more here.