SAN FRANCISCO, CA and SEATTLE, WA — MAY 10, 2021 — Stably, a Seattle-based FinTech company, announced today the launch of its on/off ramp integration for Stellar USDC, a leading dollar digital currency, issued by Circle and governed by the Centre Consortium, and USDS, Stably’s Stellar-based US digital dollar stablecoin.
This integration extends a widely adopted ecosystem standard to Stellar USDC, allowing Stellar-based applications and wallets to seamlessly facilitate deposits and withdrawals of the asset for their users. In addition, through Stably’s borderless payments account, Stably Prime, the Stellar ecosystem will have access to a whitelabel wallet platform that allows its users to serve customers in the US and abroad leveraging their own brands. Stably’s whitelabel services also extend to stablecoins, providing enterprises the ability to issue their own branded Stellar-based stablecoins for use throughout the Stellar ecosystem.
Lobstr is the first wallet integration with USDC and USDS on/off ramp support on Stellar, available for users today.
Stably and the Stellar Development Foundation (SDF) established a partnership in Q4 2020 to expand Stably’s products and services to Stellar-based businesses. The next phase of this partnership will focus on developing cross-border payment infrastructure through the implementation of Stellar Ecosystem Proposal 31 (SEP-31).
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation said: “Stably shares our vision of creating a borderless financial world, where you have access to financial services no matter where you’re from. Our partnership and this integration is a step towards achieving that goal together, as we show the value and opportunity of a global network of stablecoins, supporting the Stellar ecosystem with the infrastructure they need to use Stellar USDC. 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.”
Kory Hoang, CEO and Co-Founder of Stably, said: "Stellar’s promise of a borderless financial world aligns precisely with our company values and the products and services we offer. 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. We are excited to partner with the Stellar Development Foundation to make this vision a reality.”
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. Dozens of financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 5 million accounts.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology.
Stably is a fast growing FinTech company from Seattle founded in April 2018 by a team of former bankers and Amazon software engineers. The company has raised close to USD $3 million to date from angel investors as well as leading venture capital firms like 500 Startups, BEENEXT and Pay It Forward. Stably is also the creator of USDS, a US Dollar-backed stablecoin featured on major crypto exchanges like Binance and Bittrex. Stably’s mission is to make financial transactions faster, cheaper and more transparent through a borderless digital money platform powered by blockchain, stablecoins and open banking APIs.
For more information about Stably, please visit www.stably.io.