The XDB Foundation announced today the addition of Stably Corporation, a Seattle-based fintech firm hyper focused on stablecoin development, to the DigitalBits ecosystem. In collaboration with their regulated partner Prime Trust, Stably is responsible for the creation of USDS, a prominent USD-pegged stablecoin. Stably's Stablecoin-as-a-Service brings a white label stablecoin solution to the DigitalBits blockchain, allowing brands and enterprises to quickly and easily launch secure, compliant stable assets on-chain with the foremost in blockchain technology.
Stably also announced that it will add USDS to the DigitalBits network as the first stablecoin leveraging the Stably platform with the DigitalBits blockchain. This DigitalBits-based USDS will allow users to transact with other DigitalBits-based branded currencies, including other fiat pegged branded currencies across the DigitalBits network. USDS is currently based on the ERC-20 token standard for Ethereum and the BEP-2 standard for Binance Chain.
"I am thrilled to see Stably onboard and make a significant contribution to the DigitalBits ecosystem with the integration of their stablecoin platform. It's very exciting to work with a company that shares our vision for branded stablecoins, and sees the benefits that these assets can bring to brands and users alike. Together, Stably and the XDB Foundation are focused on driving development, use-cases, and ultimately widespread adoption for branded stablecoins," said Michael Gord, Managing Director, XDB Foundation.
"We are excited to be joining the DigitalBits ecosystem," said Kory Hoang, Co-founder and CEO, Stably. "Stably's mission is to bridge wealth from the real world to digital worlds, be it blockchains, virtual realities or video games. We look forward to tokenizing various asset classes including fiat currencies, commodities and even collectibles on the DigitalBits network to enable faster, cheaper and borderless transactions globally."
Stably predicts that in the future, most major brands will use their own form of branded stablecoin. These unique assets afford companies numerous benefits, such as generating interest on reserve assets, significantly reduced transaction fees, as well as enhancing marketing and customer loyalty.
The DigitalBits Project, since inception in 2017, has witnessed the buildout of a robust partner ecosystem, including developers, blockchain projects, exchanges, and enterprise. The XDB Foundation is now in the process of putting these building blocks to work to usher in the next phase of commercial integrations and brand adoption. Integrating the DigitalBits blockchain with Stably's centralized platform will serve as a turn-key solution for the creation of branded stablecoins with underlying compliant infrastructure.
The XDB Foundation and Stably are among the first entrants of the World Stablecoin Association (WSA), with both organizations taking part in the first ever World Stablecoin Summit back in August. This partnership demonstrates the collaborative potential that exists within the WSA, and looks to pave the way for further stablecoin development and adoption.
Michael Gord and Kory Hoang will be joined by DigitalBits Founder, Al Burgio, later today at the Futurist Conference, Canada's leading blockchain and emerging technologies event, taking part in the "Branded Stablecoins: Enhancing the Relationship that Exists Between a Brand and Consumers" panel discussion, moderated by David Gokhstein, CEO of Gokhstein Media. Futurist has historically attracted industry heavyweights, and 2020 is no exception, with the conference gathering no shortage of blockchain pioneers, influencers, and celebrities, including Bitcoin.com founder Roger Ver, SingularityNET CEO Ben Goertzel, MakerDAO Co-founder Rune Christensen, CoinDesk's Chairman Michael Casey, as well as actor James Pratt and Emmy-winning producer Cindy Cowan.
The DigitalBits Project is an open-source project that developed the DigitalBits blockchain protocol and a secure, low-cost global transaction network, and tools. This blockchain protocol and network layer support various use cases including consumer digital assets, specifically branded currencies.
About XDB Foundation
The XDB Foundation is a non-profit organization focused on assisting DigitalBits and related technologies. The XDB Foundation's core objectives include: supporting the innovation and adoption of the DigitalBits blockchain and the use of cryptocurrency in enhancing the consumer experience and corporate social responsibility initiatives, shaping commercial standards and requests for technical expansion, growing the DigitalBits community through the inclusion of diverse regions; providing accountability and sustainability practices; and facilitating partnerships and ecosystem development.
Stably is a Seattle-based FinTech company founded in 2018 by a team of former bankers and Amazon software engineers. Stably is also the blockchain developer for a wide range of cryptographic tokens and stablecoins backed by real assets, such as USD, EUR, CAD, precious metals and real-estate. Their mission is to make financial transactions faster, cheaper and more transparent through a borderless digital money platform powered by open-banking and blockchain technologies. To learn more about Stably, please visit: www.stably.io
This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. XDB tokens and virtual currencies, in general, are not legal tender, in any country, and are not backed by any government as legal tender, nor should they be treated as such.
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