Announcing the USDS Stablecoin on Tezos from Stably
Tags: Usds, Stablecoin, Announcements, Tezos, Stably

Announcing the USDS Stablecoin on Tezos from Stably Stably Follow Dec 28 · 3 min read

Today, we are proud to announce our collaboration with the Tezos ecosystem, which will begin with bringing our USD-backed stablecoin, USDS, to Tezos.

Since our launch on the Ethereum mainnet in 2018, Stably has been setting new standards for transparency and usability in the stablecoin industry, and 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.

What is Tezos USDS?

USDS is a stablecoin created by Stably, built upon the FA2 token standard, and issued by Prime Trust, a Nevada-chartered trust company that is also the regulated administrator for USDS. Stablecoins are cryptocurrencies that typically maintain a peg to national currencies on blockchains like Tezos — i.e. digital cash. Regulated, fiat-backed stablecoins like USDS are fully backed by physical reserves of fiat money and can be redeemed at a 1:1 ratio.

USDS avoids the price volatility of traditional cryptocurrencies, while still retaining many of their useful characteristics such as low-cost, high-speed transactions and cross-border payments without the high fees of credit card processors or money transfer companies.

USDS will also use TZIP-15 and TZIP-17 standards which allow for lightweight token permissioning and gas relaying, i.e. ability for users to pay transaction fees in USDS.

How to Mint and Redeem Tezos USDS

Any user will be able to mint or redeem USDS on Tezos; simply open a support ticket at https://support.stably.io/ and a member of our operations team will contact you to provide further instructions. USDS will also be available on decentralized exchanges like Dexter and QuipuSwap.

In the coming months, we will integrate this functionality into our web platform Stably Prime, where the process to mint, redeem, or swap USD to Tezos USDS will be available and automated.

Why Tezos?

Our experience with high and rising gas costs on Ethereum led us to begin looking into new ecosystems in which to launch USDS and our Stably Prime platform. Tezos stood out in its ability to routinely coordinate protocol upgrades and implement functionality improvements. With the recent Delphi protocol upgrade slashing gas costs by as much as 75%, Tezos has become even more attractive as we seek to make tokenization and DeFi usable for mainstream and institutional users.

“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” said Kory Hoang, CEO and Co-Founder of Stably.

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