Stably announced Thursday an early-access launch of a fiat-backed stablecoin called StableUSD (USDS). Anyone can now apply to be a verified client to purchase or redeem USDS. The creation process works either by sending fiat directly or by sending Bitcoin, Ether or Tether, which will then be converted to USD on the open market.
All StableUSD tokens are backed by corresponding USD reserves held by Prime Trust, which will supposedly allow anyone to view fiat reserve’s balance in real-time via a live feed from Prime Trust’s API. The balances will also be attested on a weekly basis by Cohen & Co.; the same accounting firm that TrueUSD partners with. In April, Stably raised $500,000 in seed funding from 500 Startups, Beenext Ventures, and angel investors. (Source: Stably)