Good morning Harmony community, we’re happy to share a few updates on August as follows:
We and the Harmony Team have announced the USDS stablecoin launch officially: Yahoo Finance and Twitter
There appears to be a ~$70K ONE/USDS liquidity pool set up on SushiSwap. That means Harmony USDS holders can now easily swap their tokens and/or engage in liquidity mining on Sushi through a non-custodial wallet such as Metamask
Fuzz Finance has launched two new pools utilizing Stably USD: Twitter
Our CEO Kory Hoang had an AMA with the community on Twitter Spaces
We’ve launched our official Discord channel. Please join if you have any questions on issuing & redeeming Harmony USDS, partnership interest, or want to follow the latest product updates!
Thank you and looking to be back next month with more great news!
Why a new stablecoin? Just to have one native on Harmony? IMO another $150k that could maybe used better for example use for treasury for reimbursement instead of a “stably” token
Greetings Community, we’re happy to share a few updates on September as follows:
Harmony is live on StableInsight attestation from Cohen & Company — a leading Digital Asset Auditor — to provide independent confirmation that we hold at least as much in dollar-denominated reserves as the amount of USDS in circulation.
We’re working with the Foundation to make USDS indexed as a token on Harmony Explorer.
We’re looking into establishing a USDS/USD data feed on Chainlink for integration with DeFi protocols such as decentralized money markets and others on Harmony.
Thank you and we’ll be back next month with more great news!
Last week I was able to withdraw USD from Stably Prime to my bank. This week, when I try to do the same thing, your website won’t allow me. But there is no error message explaining why. Why is your website broken and why won’t it allow users to withdraw their own funds? Will you prioritize this issue and get it fixed today?
What issue am I referring to? On your site, under Accounts > USD > Withdraw > Bank, I completed the form and clicked “Next”. The screen dims while the spinning dot-wheel appears. After a couple seconds the dot-wheel disappears and the screen returns to its normal color. But nothing has happened. It doesn’t take me to the next screen. My funds are stuck. No explanation why. Just stuck.
I contacted your support. Despite multiple emails they were unable to resolve the issue. They were unable to even tell me what the issue was. They clearly didn’t even know what the issue was, so how could they resolve it? I was left with a final email saying my issue is “under review”. No timeframe on how long this review will take or when I will hear from Stably again. In the meantime, Stably continues to hold my funds hostage.
I want to go ahead and put my experience with Stably out there. It started with a promise that Harmony users could pull USDS off the chain and into a bank account. This turned out to only be true for users who already have a prime account. They shut down access to prime for new users shortly after launching.
After enough complaints, we (users) were told we could contact their support and off ramp through them. “Awesome!” I thought, not knowing their support is atrocious. I tried on discord, was told to open a ticket. I had a ticket open already, so I let them know that. This is the first ticket. Still no response on it at all on that one from two weeks ago.
The second ticket I opened disappeared and I’m willing to accept maybe I didn’t save it correctly or something, who knows. The third was opened and after 4 days I got a response saying:
“Thank you for contacting Stably’s Support Team. We have received your inquiry and it has been placed in our support rotation queue. You can expect a reply from our team within 24 hours.”
This was Monday, which astute readers may recognize as more than 24 hours ago. So 4 days to get a response that says they’ll respond in 24 hours, which was also a lie. I understand things happen, and if I was the only person being shafted and ignored by Stably I’d let it go but I’m not. Harmony deserves better than this.
Stably came and asked for money, got it, then proceeded to take away the very thing they got the grant for. A stable (which it isn’t at all) coin with an offramp(which we can’t get ahold of support to use).
For transparency sake, I sold out because it’s really not worth the headache but that doesn’t excuse Stably’s actions and inactions. I took yet another loss because of false promises to the users of this chain and that was my decision alone, but no one else should have to make the same.
I totally understand your and other users’ frustrations with the User Experience (UX) of Stably at this time. I’ll continue to stay on top of this as a vigilant Harmony user and as a representative for the recovery process. I took a meeting with the Stably CFO at 3pm PST today to outline user frustrations and to describe the bad experiences that have been shared with me by the remaining active users who have been participating in the redemption process. In that meeting, there were a few take aways, as well as some aspects that are tabled at this time:
Stably is a responsible financial-tech company that has recently launched on Harmony. Their ‘Stably Prime’ accounts underwent fraudulent activity shortly after launch, which caused them to pause new account creation and to instead redirect traffic that wished to offramp the USDS coin from the Harmony ecosystem to their support team. This was a sudden, unplanned shift and they are actively pivoting their resources to further support this manual redemption process until they are able to securely deploy their ‘Stably Ramp’ for Harmony users.
Harmony UX is a priority to the Stably team and they are allocating additional resources to ensure that we are satisfied-but this takes time. As of this writing, I was told that we should expect the Stably Ramp to be ready for use by the end of November.
Over the past two+ weeks (post launch on Harmony) much of Stably’s technical talent were travelling abroad. They are expected back to work shortly (within the week, for the most part). This will drastically increase their capacity to launch a more feature-complete experience.
USDS can always be redeemed for full value via Stably channels. Right now this is done by submitting a ticket and them manually processing the transfer. This takes time, but they are actively working to shorten that timeframe to a more manageable period.
USDS is sometimes found on chain for less than full value (‘depegged’). This is due to low liquidity, however that does not affect the redeemable value from Stably.
Utilizing USDS offers Harmony a native stable coin that will build in liquidity and onchain presence over the recovery process. However, if the UX does not improve within a reasonable timeframe, the redemption process may shift from the usage of USDS to another asset, such as the new 1USDC from the LayerZero Bridge partner.
More to come as the technical officers of Stably return to work and assess the needs of our community during the recovery process.
Resorting to manual ticket processing is a major inconvenience and presents a security issue and sounds like standard bank/remittances practices of centralized industry we are attempting to abandon. We got to fix this, the hack was forgiven obviously but this could be a nail in the coffin if one lose of users funds occur.
“ verified USDS token holders as legal beneficiaries of the USDS stablecoin collateral account.”
So basically this is a taxable event? If so, will swapping and cross chain activity and off chain ramping create additional tax events for the same token taxed initially from the original purchase? Beneficiaries do have a tax responsibility, right!?
Harmony USDS is live on our new stablecoin-focused fiat on-ramp widget Stably Ramp at competitive rates. Individual users can buy Harmony USDS with regular ACH and instant ACH (launching late Nov) and more payment methods such as wire + card coming soon.
Harmony community, we’re happy to share a few updates on August as follows:
through a non-custodial wallet such as Metamask 
on September as follows:
but this could be a nail in the coffin if one lose of users funds occur.