# Stably - Harmony Stablecoin Infrastructure Proposal by Stably **URL:** \ **Category:** Grants\ **Created:** [May 16, 2022, 4:21pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559 "2022-05-16T16:21:45Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Truong\_Phan](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/truong_phan/32/12629_2.png) [@Truong\_Phan](https://talk.harmony.one/u/Truong_Phan)\ **Post date:** [May 16, 2022, 4:21pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/1 "2022-05-16T16:21:46Z")
## Name of Project Harmony Stablecoin Infrastructure Proposal by Stably - Crypto & Stablecoin Fiat Ramp - Multichain Stablecoin Bridge **About Stably:** Stably provides stablecoin and fiat on-ramp infrastructure for emerging blockchain networks and Web3 wallets/applications, including DeFi protocols, NFT marketplaces and metaverse projects. Our mission is to bridge the gap between traditional bank accounts and DeFi by enabling the next billion Web3 users and powering the top 1,000 blockchains during this decade 🚀 Our flagship product, Stably Ramp, provides any Web3 user the ability to efficiently buy/sell stablecoins on any blockchain with traditional banking and card payment methods. Our stablecoin, Stably USD (USDS), is a USD-collateralized token as well as multichain stablecoin bridge that is integrated with 10+ emerging blockchain networks. Each USDS token is legally backed and redeemable for 1 USD held in trust accounts managed by our regulated trustee partners. Monthly attestations are also conducted by an independent auditor to ensure transparency and 1-to-1 reserve backing for USDS at all times. ## Application Type Partners ## Proposal Overview 1. [STABLY USD (USDS)](http://www.stably.io/usds/) — **Multichain USD Stablecoin for Harmony** In addition to our USDS integration with large cap blockchain networks (e.g. Polygon, Harmony), Stably is also expanding our stablecoin USDS to smaller emerging networks as well (e.g. ICON, VeChain). By natively expanding USDS issuance/redemption onto Harmony, users on your ecosystem will also be able to seamlessly transfer USD liquidity from other blockchains to Harmony and vice versa. This will significantly enhance interoperability between Harmony and other ecosystems. - **100% USD-Backed Stablecoin:** USDS is issued via Stably and Prime Trust, our regulated trust company partner and SEC-qualified custodian. Every USDS token is fully backed 1:1 with USD funds held in bank accounts by Prime Trust for the benefit of token holders. Additionally, Cohen & Co., an industry leader in stablecoin auditing, conducts monthly attestations for USDS across all blockchain networks it lives on to ensure 1:1 collateralization at all times. Please note that USDS can also be white-labeled under different names for some Stably clients. For example, USDS is white-labeled as “VeUSD” for its VeChain expansion. - **Automated Stablecoin Mint & Redeem:** Easy-to-use UI with zero fees and 24/7 minting support. Here are [video examples](https://www.youtube.com/watch?v=q4_BUQdE3OA&list=PLi-ZGwPAMvq7fU_xcZpUuwvDU0BUfwbln&index=4) on how to mint/redeem VeUSD on VeChain using Stably Prime. - **Multichain Stablecoin Bridge:** Bridge liquidity from other chains to Harmony securely and efficiently. - **10+ Supported Blockchains** : Ethereum, Binance Chain, VeChain, ICON, Tezos, Stellar, Chia Network, QTUM, and DigitalBits (more coming soon, including Harmony). 1. [STABLY RAMP](http://stably.io/ramp) — Harmony USDS Listing Stably Ramp is a multichain crypto and stablecoin fiat on-ramp widget powered by Stably and our US-regulated partner Prime Trust, an SEC-qualified digital asset custodian and funds processor. Our widget allows users to buy/sell tokens efficiently at competitive rates directly from any Web3 applications that integrate Stably Ramp. **💳 Payment Methods (USD):** Fedwire, SWIFT, ACH, credit/debit cards, crypto/stablecoins **🔌 Plug & Play Widget:** Direct integration with Harmony dApps and wallets with intuitive UI/UX **🌎 Global Onboarding:** KYC/AML onboarding support for 200+ countries (for both individuals & entities) 💸 **Multichain Assets:** 10+ stablecoins and 20+ cryptocurrencies across 20+ blockchains (for a full list of supported assets/chains, click **[here](https://drive.google.com/file/d/1_aUgZT_q-75HurrkvGmpOORims64xWkY/view?usp=drivesdk)**) 💱 **Competitive Rates:** Better fiat on-ramp rates vs. other providers (e.g. Simplex, MoonPay, Transak) 1. [STABLY PRIME](http://stably.io/stably-prime) — Harmony USDS Listing An account-based UI version of Stably Ramp that also supports USD, cryptocurrency and stablecoin custody. - **US Dollar Custody:** USD funds are held by Prime Trust, a regulated trust company and SEC-qualified custodian, in US-based bank accounts for the benefit of Stably Prime users. Holding USD in Stably Prime is just like in any other US banking accounts. Additionally, we support both first-party and third-party deposit/disbursement/ - **Crypto Custody:** Cryptocurrencies are held in cold storage via Prime Trust’s custodial wallets (powered by Fireblocks) for the benefit of Stably Prime users. Support for Harmony assets in Stably Prime is possible if those assets are already listed by Fireblocks. - **P2P Transfer & Settlement (24/7):** Users may settle funds and digital assets with each other 24/7 internally within Stably Prime instantly. ## Proposal Ask Native USDS stablecoin expansion on Harmony and listing Harmony USDS on Stably Ramp and Prime - Milestone 1: project kickoff → **$75,000 worth of $ONE tokens** - Milestone 2: deployment of USDS on Harmony and listing of Harmony USDS on Stably Ramp and Prime → **$75,000 worth of $ONE tokens** 👉 **Total: $150,000 worth of $ONE tokens** ## Justification - In order for the Harmony blockchain ecosystem to grow larger, more efficient fiat-to-stablecoin ramps are needed. - Stably has a proven track-record on delivering such integrations based on our past works with Tezos, Stellar, VeChain, ICON, etc. We estimate this project will take less than 2 months to complete. - While there are other fiat on-ramp solutions today on the market, Stably is a much better choice because we differentiate by: - By directly collaborating with the Harmony Foundation and community, Stably aims to establish itself as the premier fiat-to-stablecoin & crypto on/off-ramp for the Harmony ecosystem 🤝 - Other potential future collaborations: ## Metrics for Success - Stably fiat on/off-ramping volume for Harmony USDS (can be broken down by addresses and dApps) - New Stably users interacting with the Harmony ecosystem - Harmony USDS market capitalization ## External links [https://linktr.ee/stably](https://linktr.ee/stably) ---
**Author:** ![WhitePeach](https://avatars.discourse-cdn.com/v4/letter/w/aca169/32.png) [@WhitePeach](https://talk.harmony.one/u/WhitePeach)\ **Post date:** [May 16, 2022, 4:46pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/2 "2022-05-16T16:46:49Z")
Is Stably a DAO? or, Is Stably an entity incorporated or organized in one of the US state? Will Stably’s financials be audited by one of the Big 5 CPA firms? For transparency, will Stably publish its financials? Will Prime Trust release its certified report, preferably on a regular basis, on the 1-to-1 reserves it holds? ---
**Author:** ![Kory\_Hoang](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/kory_hoang/32/12746_2.png) [@Kory\_Hoang](https://talk.harmony.one/u/Kory_Hoang)\ **Post date:** [May 17, 2022, 4:20am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/3 "2022-05-17T04:20:34Z")
Hello @WhitePeach, those are very good questions! My name is Kory Hoang and I am the CEO and Co-Founder of Stably. I’d be more than happy to address your questions 😊 Stably is a blockchain and financial technology service provider registered in Delaware (File No. 7223458). Stably provides technology and services to Prime Trust LLC, a Nevada-chartered trust company (License No. TR10035). Blockchain-connected products/services offered by Stably are built on top of Prime Trust’s infrastructure through manual and API integrations, leveraging their traditional financial services including (but not limited to) traditional and digital asset custody, trading, payments, escrow, trustee and compliance services. Stably is not a financial institution and Stably does not handle clients’ fiat funds at any time. All fiat funds processing is done through our partner Prime Trust. Stably has a trust agreement with Prime Trust designating Stably as the trustor, Prime Trust as the trustee, and verified USDS token holders as legal beneficiaries of the USDS stablecoin collateral account. Stably is not entitled to the underlying assets backing USDS tokens and Prime Trust manages the USDS stablecoin collateral account strictly for the benefit of USDS token holders. Prime Trust is also the current legal issuer and convertible virtual currency administrator of USDS tokens according to US FinCEN regulations. Prime Trust only deposits funds backing USDS into US-based custodian banks that are FDIC-insured and/or holds short-term US Government Treasury instruments (cash equivalents). Prime Trust is an SEC-qualified custodian but they are not an FDIC-insured entity. USDS token themselves (like all other stablecoins) are not FDIC-insured. Stably engages Cohen & Co., a leading US-based financial auditor, to conduct monthly attestations verifying that all USDS tokens minted into circulation are fully backed 1-to-1 with USD held by Prime Trust. You may view our attestation reports here: [https://www.stably.io/attestations](https://www.stably.io/attestations) Cohen & Co. also maintains the “StableInsight” dashboard which provides live balance reporting of the USDS collateral account via Prime Trust’s API vs. the total amount of USDS tokens in circulation across various blockchains it lives on. You can view it here 24/7: [https://stableinsight.cohencpa.com](https://stableinsight.cohencpa.com) Stably itself is a private venture-backed startup incorporated in 2019. We are not a public company. As such, Stably is not required by US regulatory bodies to publicly disclose our financials. In the future, we do plan on engaging Centri, a US-based finance and accounting consulting firm, to conduct a full financial audit of Stably. In terms of funding, we recently raised a $5M Pre-Series A round participated by Morgan Creek Capital, Hard Yaka, BEENEXT, Bloccelerate, and B21 Capital among others. You can read more here: [https://bit.ly/3Pq4VZa](https://bit.ly/3Pq4VZa) I hope you will find my answers above helpful. Please feel free to reach out to me at [kory@stably.io](mailto:kory@stably.io) should you have any other questions/comments! 🤝 Best, Kory ---
**Author:** ![kenny](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/kenny/32/7566_2.png) [@kenny](https://talk.harmony.one/u/kenny)\ **Post date:** [May 17, 2022, 6:27am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/4 "2022-05-17T06:27:37Z")
This looks very promising. ---
**Author:** ![Jacksteroo](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/jacksteroo/32/15609_2.png) [@Jacksteroo](https://talk.harmony.one/u/Jacksteroo)\ **Post date:** [May 17, 2022, 11:47am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/5 "2022-05-17T11:47:10Z")
Stablecoins is a primitive to a DeFi ecosystem. Despite recent events, we move forward with this option as it’s backed 1-to-1 with fiat rather than an algorithmic option, moving Harmony towards compliance and gaining institutional trust. NEAR’s [USN stablecoin announcement](https://medium.com/nearprotocol/decentral-bank-launches-usn-a-near-native-stablecoin-cafe1ec0c5af) is also a signal that stablecoins are crucial, though Stably is not an algorithmic-driven stablecoin. This is a huge undertaking and we’re moving mountains here with this one initiative. Approved for a **Partnership** for the amount of $150K. Looking forward to working with the team to grow the Harmony Ecosystem! 🎉 > Meanwhile, to prepare receiving funds, email your identification documents to [kyc@harmony.one](mailto:kyc@harmony.one) and create a Gnosis Safe MultiSig wallet at [https://multisig.harmony.one](https://multisig.harmony.one/) and using instructions below > ➡ [Setup Gnosis Safe with MetaMask & 1Wallet](https://open.harmony.one/onequest-daily-race-for-1m-users/setup-gnosis-safe-with-metamask-1wallet) Checkout the Funding FAQ for further info at [Harmony Funding FAQ](https://harmony.one/funding-faq) We’d love 💙 to see weekly updates on this channel to keep the community posted on this proposal’s progress! ---
**Author:** ![Kory\_Hoang](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/kory_hoang/32/12746_2.png) [@Kory\_Hoang](https://talk.harmony.one/u/Kory_Hoang)\ **Post date:** [May 17, 2022, 3:20pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/6 "2022-05-17T15:20:52Z")
Thank you @Jacksteroo and the community. We are super excited and cannot wait to launch USDS soon on Harmony 💪 This will be one of our most promising emerging blockchain expansions to date and I’ll make sure we have all hands on deck at Stably to roll this out ASAP! ⚡ ---
**Author:** ![Jacksteroo](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/jacksteroo/32/15609_2.png) [@Jacksteroo](https://talk.harmony.one/u/Jacksteroo)\ **Post date:** [June 7, 2022, 7:47am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/7 "2022-06-07T07:47:31Z")
Based on our discussion, we’ll release the funds in 6 tranches of $25K each, once a month, with a monthly update from the Stably team @Kory_Hoang ---
**Author:** ![Kory\_Hoang](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/kory_hoang/32/12746_2.png) [@Kory\_Hoang](https://talk.harmony.one/u/Kory_Hoang)\ **Post date:** [June 7, 2022, 8:06am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/8 "2022-06-07T08:06:12Z")
Sounds good, thanks @Jacksteroo 🤝 @Truong_Phan is the main project manager and he will provide monthly updates for the community here. He will also work with our marketing team to provide these updates in other Harmony community channels. ---
**Author:** ![lij](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/lij/32/14351_2.png) [@lij](https://talk.harmony.one/u/lij)\ **Post date:** [June 12, 2022, 7:11pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/9 "2022-06-12T19:11:24Z")
the initial $25K tranche has been funded: [0x3e21b35e45a353a8a216bcb9cdef07795c30a1e7e2710b391f302c446253dbe3](https://explorer.harmony.one/tx/0x3e21b35e45a353a8a216bcb9cdef07795c30a1e7e2710b391f302c446253dbe3) ---
**Author:** ![juanonewuan](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/juanonewuan/32/2568_2.png) [@juanonewuan](https://talk.harmony.one/u/juanonewuan)\ **Post date:** [June 12, 2022, 9:35pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/10 "2022-06-12T21:35:37Z")
You guys dont mention harmony anywhere in your website… yet I’m sure it’s one of the few blockchains that are funding you , atleast bring some traffic to Harmony … make that 150k worth something for us too… ---
**Author:** ![Truong\_Phan](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/truong_phan/32/12629_2.png) [@Truong\_Phan](https://talk.harmony.one/u/Truong_Phan)\ **Post date:** [June 13, 2022, 4:26pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/11 "2022-06-13T16:26:17Z")
Hello everyone! Stably is very excited to work with the Harmony community on this project. I’d be happy to provide some quick updates on our progress for the community: - We have finalized the necessary paperwork with the Harmony Foundation and received the first tranche of of the grant for $25,000 - Simultaneously, we have started the tech integration process and our expected timeline is: Thank you and stay tuned for our next updates! 🤟 :harmony: ---
**Author:** ![Truong\_Phan](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/truong_phan/32/12629_2.png) [@Truong\_Phan](https://talk.harmony.one/u/Truong_Phan)\ **Post date:** [June 13, 2022, 4:33pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/12 "2022-06-13T16:33:19Z")
Hi there @juanonewuan, thank you for the great feedback! 💪 We are working on a major website revamp right now and the next version will surely present Harmony as one of our trusted partners! Please stay tuned! ---
**Author:** ![Truong\_Phan](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/truong_phan/32/12629_2.png) [@Truong\_Phan](https://talk.harmony.one/u/Truong_Phan)\ **Post date:** [July 6, 2022, 6:37pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/13 "2022-07-06T18:37:16Z")
Hello Harmony community, We have some great updates on our progress in June: - Integration of USDS on Harmony devnet went well and we are now ready to deploy on mainnet - The expected launch of USDS on Harmony mainnet is within the first 2 weeks of July - Afterward, you should be able to start minting USDS on Harmony by the end of July! We are on good track to deliver this project on time. Thank you and please stay tuned for our next updates! 🤟 :harmony: ---
**Author:** ![Don\_Holland](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/don_holland/32/6650_2.png) [@Don\_Holland](https://talk.harmony.one/u/Don_Holland)\ **Post date:** [July 6, 2022, 10:50pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/14 "2022-07-06T22:50:43Z")
Love Stably , Ligia and Garreth are nice people… ---
**Author:** ![babakajone](https://avatars.discourse-cdn.com/v4/letter/b/e68b1a/32.png) [@babakajone](https://talk.harmony.one/u/babakajone)\ **Post date:** [July 11, 2022, 3:27am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/15 "2022-07-11T03:27:50Z")
Harmony need some kind of stable coin ---
**Author:** ![cheualx](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/cheualx/32/12368_2.png) [@cheualx](https://talk.harmony.one/u/cheualx)\ **Post date:** [July 27, 2022, 12:30am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/16 "2022-07-27T00:30:34Z")
the 2nd $25k tranche has been funded: [0xcbb991ceaf48641a7f1f9c59fe94da0955054d8a95580e2b42dd56e644b2bef9](https://explorer.harmony.one/tx/0xcbb991ceaf48641a7f1f9c59fe94da0955054d8a95580e2b42dd56e644b2bef9) ---
**Author:** ![Truong\_Phan](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/truong_phan/32/12629_2.png) [@Truong\_Phan](https://talk.harmony.one/u/Truong_Phan)\ **Post date:** [August 9, 2022, 4:05pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/17 "2022-08-09T16:05:49Z")
Hello everyone, we are happy to update our latest progress as follows: - USDS is live on the Harmony mainnet! You can now go to [https://prime.stably.io/](https://prime.stably.io/) and sign up to mint USDS on Harmony! - We are working on a marketing launch campaign and will keep everyone posted! - Also, we are actively reaching out to Harmony dApps and wallets to integrate USDS and Stably Ramp. For more information about Ramp, please see this [link](http://link.stably.io/stably-ramp-101). - Harmony integration with Stably Ramp is now ready in closed beta where we are working on some final UI/UX improvements. You can already go to our test version at [ramp.stably.io](http://ramp.stably.io/) and sign up to try it out! Thank you and looking to be back with more great news soon! 💪 :harmony: ---
**Author:** ![Pioneer](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/pioneer/32/12763_2.png) [@Pioneer](https://talk.harmony.one/u/Pioneer)\ **Post date:** [August 9, 2022, 4:17pm UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/18 "2022-08-09T16:17:49Z")
This is a great push in the restoration of Defi on Harmony, thank you so much for this massive update! ---
**Author:** ![jc1624444](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/jc1624444/32/7325_2.png) [@jc1624444](https://talk.harmony.one/u/jc1624444)\ **Post date:** [August 10, 2022, 6:31am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/19 "2022-08-10T06:31:06Z")
Any LP where we can buy the native stable coin? ---
**Author:** ![cheualx](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/cheualx/32/12368_2.png) [@cheualx](https://talk.harmony.one/u/cheualx)\ **Post date:** [August 27, 2022, 4:04am UTC](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559/20 "2022-08-27T04:04:47Z")
the 3rd $25k tranche has been funded: [0xde81db0dfbe4106aad91a9a0898b0913ded84b9e18c8318eb92b036d7c19fa3e](https://explorer.harmony.one/tx/0xde81db0dfbe4106aad91a9a0898b0913ded84b9e18c8318eb92b036d7c19fa3e) [Next page](https://talk.harmony.one/t/stably-harmony-stablecoin-infrastructure-proposal-by-stably/18559.md?page=2)