StablyUSD shifts to Tezos blockchain for reduced transaction costs

StablyUSD shifts to Tezos blockchain for reduced transaction costs

Transition from Ethereum blockchain to Tezos would help USDS to support reduction in transaction costs and enhance processing speed and security.

Regulated stablecoin solutions provider, StablyUSD (USDS) has recently announced making a shift to one of the prominent blockchains- Tezos as a part of an ongoing partnership between the two parties. The stable coin issuer, through this novel move, aims to target reduced fees with the Tezos system, which recently went through an upgrade that limited the costs by 75%.

It has been speculated that Tezos integration into USDS would enable users to automatically redeem and mint token through Stably Prime later this February. However, as of now, the platform can request these processes by a physical mechanism post making a Stably Prime account and communicating with the support center.

Moreover, the project also plans to allow users to take over and swap USDS on decentralized exchanges including QuipuSwap and Dexter in the upcoming weeks.

As per credible sources, Tezos had reportedly launched the Delphi network update, which went live in November last year. Upon its launch, Tezos reported that gas consumption had decreased to about 75%, thus enabling more multifaceted smart contracts to be used in highly advanced on-chain applications.

Speaking on the latest project, Kory Hoang, Co-Founder and CEO of Stably, cited that the project aims to cut down transaction costs with Tezos integrations owing to its provision of offering robust stability, speed, and security required for financial use cases.

He added that the singular ability for the Tezos protocol to constantly evolve to cater to the needs raised by developers and users without establishing itself up to security risks stands to be major advantage over competing blockchains.

Kory further mentioned that the Tezos integration would also allow USDS to deliver banking services to its people globally while maintaining rigorous security and compliance standards.

Source Credit: https://cryptopotato.com/stablyusd-usds-launches-on-the-tezos-blockchain-to-lower-transaction-costs/