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- Stably launches on/off ramp integration to support stablecoins on Stellar.
- In the pipeline is the Stellar Ecosystem Proposal 31 (SEP 31) which once implemented will accelerate the development of cross-border payment infrastructure.
Stably, a fast-rising fintech company based in Seattle has officially hit the ground running with the long-awaited stablecoin on/off ramp integration. The operation is kickstarting with the provision of support for the Circle-issued digital currency, USDC, and Stably’s digital dollar stablecoin based on the stellar network, USDS.
The integration will provide grounds for deposits and withdrawals of supported assets. This will be facilitated through the Stellar-based application and wallets, as it extends the widely adopted ecosystem standard to Stellar USDC.
Also, the Whitelabel wallet platform which ensures that users provide services for US-based customers and other countries leveraging their brand would be accessed by the Stellar ecosystem through the Stably Prime, a borderless payment system by Stably.
It is worth noting that the Whitelabel services include enabling enterprises to issue their own Stellar-based stablecoins. As it stands, Lobstr remains the first wallet integration with USDS and USDC on/off ramp support.
The stablecoin integration is the latest product of the partnership between Stably and Stellar Development Foundation in the last quarter of 2020. The partnership ensures that Stellar-based businesses benefit from the Stably products and services. In the pipeline is the Stellar Ecosystem Proposal 31 (SEP 31) which once implemented will accelerate the development of cross-border payment infrastructure.
The CEO and co-founder of Stably, Kory Hoang stated that the company’s value, services, and products are in line with that of Stellar, and will allow users to benefit from the values of blockchain technology and stablecoins.
Whether it be the small guys trading at a retail level, or institutional players looking to move larger amounts of money, we look forward to enabling users globally to benefit from the intrinsic nature of blockchain technology and stablecoins.
Stably is the creator of USDS which is currently listed on Binance and Bittrex. They have over the years focused on ensuring that financial transactions are made faster, cheaper, and transparent. They ensure that transactions are facilitated via blockchain and open banking API-powered digital platforms.
Denelle Dixon, the CEO of the Stellar Development Foundation has said that they share things in common with Stably as they seek to create a borderless financial world to make their services accessible to clients regardless of their location.
It’s evident that the launch of USDC on Stellar brings exciting new partners and Stably’s latest offering speaks to our inspiring network of innovators and what our ecosystem can achieve together.
According to Dixon, the launch of the USDC attracts new mouth-watering partnerships which can help make cross-border transactions better.
