Exclusive Interview With Stably on Providing Crypto Stability in an Unstable Market

Based in Vancouver, Canada, Stably is a venture-capital backed startup that is on a mission to bring stability to the volatile cryptocurrency market.

Early on, the two discovered stablecoins as a sub-class of cryptocurrency with massive market applications and decided to pursue a project, known today as Stably.

In order to maintain transparency, Stably will release quarterly audit reports to assure clients that the stablecoin is in fact backed by a true reserve.

This will create organic stability and ensure efficient price pegging of the stablecoin to USD. Currently, there are two primary types of stablecoin: decentralized and centralized.

The main decentralized stablecoin models either rely on cryptocurrency as a reserve or use supply-based financial engineering to maintain a certain value.

"They charge fees of.1% or higher For us, we won't charge any fees. We want to provide as little friction as possible for people to use our product. I also noticed that they don't accept cryptocurrency to sell stable coins to people In our long term plan, after we launch the basic fiat channel we'll launch the crypto channel where people can send us ethereum to buy our stablecoin or they can redeem our stable coin for ethereum That is more suitable for the retail market."

Unlike many other stablecoin providers, Stably plans to deploy StableUSD across multiple blockchains, initially starting with the Ethereum and Stellar Lumens networks.

Stablecoins attempt to provide the benefits of blockchain without the volatility of cryptocurrency, creating a bridge between the fiat and crypto world.

"Stablecoin is just money, stable money. You can use bitcoin or ethereum to make payments but they're not stable they don't act like a true currency they're more like commodities, more like gold For our stablecoin, once we get a lot of market cap and a lot of reserve people can start integrating stablecoins onto their platforms. Think of stablecoins as the basic building block."

"Basically stablecoins can be used in any use cases that require money. The reason we built our stablecoin on multiple blockchains is because we want to be that value transfer layer."