Early-Access Launch of USD-Pegged Cryptocurrency StableUSD Announced by Stably

Stably, a venture capital-backed startup seeking to bring stability to the cryptocurrency market is launching an early-access sale of a price-stable cryptocurrency that is pegged and fully backed 1:1 by the U.S. dollar, the StableUSD stablecoin, the company announced in a press release on Oct. 31.Stably Launches Early-Access StableUSD Sale.

The Stably developer team has officially launched its early-access sale of the StableUSD token on the Ethereum network, the company announced in a blog post.

The company has already raised around $500,000 in seed funding from various funds and investors to kickstart their StableUSD project.

With each StableUSD token fully backed 1:1 to the U.S. dollar, the tokens are equivalent in value to American fiat currency.

Starting October 31, anyone can apply to be a verified client to buy and redeem StableUSD. According to the company's press release, a verified client can send cash to the company's regulated trustee to initiate the transaction.

Stably then submits the transaction to the smart contract, which mints new StableUSD tokens and sends them back to the client.

While the company failed to give any exact dates on when the entirety of its service will be available, Stably said that the ability to create and redeem StableUSD will be accessible in an easy-to-use web portal in the near future.

Once the redeeming feature is live, the company will also launch StableUSD pairs on exchanges.

The corresponding amount of StableUSD will then be minted and sent back to the client through their smart contract.

According to the company's press release, Prime Trust has agreed to be the regulated trustee for Stably's StableUSD fiat reserves, allowing users of Stably's future platform to view the company's fiat reserve's balance in real-time via a live feed from Prime Trust's API. The company has also engaged with leading accounting firm Cohen & Co. as an auditor to provide third-party audits of the company's quarterly financial statements and conduct weekly attestations for Stably's fiat reserve.