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StablyUSD launched on the Tezos blockchain from Ethereum in order to lower down the transaction costs and to improve the processing speed. In our latest Tezos news, we read more about it.
The regulated stablecoin backed by the US dollar StablyUSD launched on the popular blockchain Tezos as a part of the collaboration between these two parties. The issuer aims to cut down on the fees with the Tezos network which went through an upgrade that dropped the costs to 75%. Issued until now on the ETH blockchain, StablyUSD is a US-dollar pegged stabelcoin that is backed 1:1 for the dollar in an FDIC-insured trust account that is managed by Prime Trust.
The project announced the transition to the Tezos blockchain in a press release which reads that the two parties entered into a collaboration and that the launch of USDS on Tezos was the first initiative. The stablecoin issuer also wants to lower the fees as the ETH network was quite congested as of late and the costs skyrocketed to a new all-time high.
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On the other hand, Tezos introduced the Delphi network update that went live in November 2020, and before its release, Tezos reported that the gas consumption dropped by 75% and “enabled more complex smart contracts to be used in advance on-chain apps.” The integration will allow USDS users to mint and redeem tokens via Stably Prime later in February and they can also request these processes by a manual mechanism after creating the Stably Prime account and contacting the support center.
The project plans to enable users to acquire and to swap USDS on decentralized exchanges such as QuipuSwap and Dexter in the upcoming weeks. The CEO of Stably Kory Hoang confirmed that the project will decrease the transaction costs with the Tezos integrations and added that the Tezos blockchain provides various qualities that are needed in the growing crypto ecosystem:
“Tezos provides a lot of the stability, security, and speed needed for financial use cases, while the singular ability for the Tezos protocol to continually evolve to meet the needs of developers and users without opening itself up to security risks is a major advantage over competing blockchains.”
Hoang said further that the Tezos integration will allow USDS to provide banking services to people across the world while maintaining compliance with security standards.
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