Stably is a Seattle based startup that works at ‘connecting real assets to the digital economy’. In 2019 they raised $1.2 Million on a seed round. Now, Stably has managed to once again raise $1 million to grow its asset-backed stablecoin-platform during the corona pandemic, an impressive feat. 

What is USDS?

In April of 2018, Stably launched its coin Stably USD (or USDS). A cryptocurrency, that is pegged to the value of US dollar. This allows the price to remain stable compared to other cryptocurrencies. When a user gives $1 towards Stably, the digital token is mined. If the USDS is returned back to Stably, they remove the coin from circulation and returns the $1 to its cash reserve. This alternative gives user the same benefits as cryptocurrency, anonymity, fast transaction speed, ect, but with less volatile solution to for example bitcoin.

Stably is growing quickly, they have talked about tokenizing new assets classes which could include crude oil, metals and other fiat currencies. They already launched Stably Prime, which lets clients buy and receive stablecoins, borderlessly. They also have Stably Enterprise, which allows companies to create their own stablecoins.

Stably Dollar has become the 7th largest USD-backed stablecoin in the world.

Growing their team 

Although they are based in the US, their team of 16 is spread around in India and Vietnam as well. The CEO, Kory Hoang has said although most companies are cutting down, Stably is growing its clientele and plans on hiring more developers to their team.  

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