Stably partners with XDB Foundation, aims branded stablecoins

By Pavithra R

XDB Foundation, a non-profit organization dedicated to supporting DigitalBits, as well as related initiatives and technologies has announced the addition of Stably, a borderless Neobanking platform provider powered by blockchain, stable coins, and open finance APIs, to the DigitalBits ecosystem. 

Stably, in collaboration with its regulated partner Prime Trust, will be responsible for the creation of USDS, a prominent USD-pegged stablecoin. DigitalBits blockchain will integrate Stably’s Stablecoin-as-a-Service, a white label stablecoin solution, allowing brands and enterprises to launch secure, compliant, stable assets on-chain using blockchain technology. 

Stably will add USDS to the DigitalBits network as the first stablecoin leveraging the Stably platform with the DigitalBits blockchain. The 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 BEP-2 standard for Binance Chain and ERC-20 token standard for Ethereum. 

“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.

The integration of DigitalBits blockchain with Stably’s centralized platform is expected to 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). The partnership demonstrates the collaborative potential that exists within the WSA and looks to pave the way for further stablecoin development and adoption. 

“We are excited to be joining the DigitalBits ecosystem. 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,” said Kory Hoang, Co-founder and CEO, Stably. 

Founded in 2017, DigitalBits Project is an open-source software project used by the DigitalBits blockchain network. Besides supporting fast & low-cost micropayments & remittances, enterprises can also tokenize assets on the DigitalBits blockchain.