USB: Stabolut’s New Decentralized Stablecoin Powered by Bitcoin

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Jeff Horseman
Jeff Horseman
Jeff Horseman got into journalism because he liked to write and stunk at math. He grew up in Vermont and he honed his interviewing skills as a supermarket cashier by asking Bernie Sanders “Paper or plastic?” After graduating from Syracuse University in 1999, Jeff began his journalistic odyssey at The Watertown Daily Times in upstate New York, where he impressed then-U.S. Senate candidate Hillary Clinton so much she called him “John” at the end of an interview. From there, he went to Annapolis, Maryland, where he covered city, county and state government at The Capital newspaper. Today, Jeff writes about anything and everything. Along the way, Jeff has covered wildfires, a tropical storm, 9/11 and the Dec. 2 terror attack in San Bernardino. If you have a question or story idea about politics or the inner workings of government, please let Jeff know. He’ll do his best to answer, even if it involves a little math.

USB is a decentralized, Bitcoin backed stablecoin that’s dollar pegged using a new approach to retain its peg by shorting Bitcoin through a perpetual swap.

Stabolut, a startup working on a global payment system, announced the launch of its decentralized stablecoin USB today though its been in development since May of last year. USB operates without relying on banks and is built on decentralized technology and security measures, making it a trusted cryptocurrency.

Julian Beltran, the Chief Technology Officer and CTO of Stabolut explained the market demand started surrounding the global awareness that came with the collapse of UST, Terra Luna’s stablecoin, the recent depegging of USDC, and bank failures that we’ve seen this year. “With USB, Stabolut aims to start a movement of the transparent, fast, inexpensive, secure, private and interoperable medium of exchange around the world,” he said.

The stablecoin operates outside the banking system and is designed to unlock new opportunities for fast and simple trades, aiming to power exchanges, financial institutions, businesses, developers, and users. This insulates USB from regulatory crackdowns. 

Backed by the founders of Dextools, the startup has a focus on cross chain transactions and bitcoin compatible wallets, and other blockchain services with transparent auditing processes.

USB has entered a high-growth stablecoin market, which is expected to reach at least $1 trillion. The stablecoin offers real-time audits of its assets, ensuring transparency and reliability for its users. Stabolut is building an innovative global payments ecosystem with the clear goal to become one of the most widely adopted stablecoins. Because the startup is supported by the founders of Dextools.io, it has access to an ecosystem with over 30 million monthly views on average.

On USB, Frederic Fernandez, co-founder of Dextools.io, expressed the need of addressing CeFi’s shortcomings from previous terms: “Following the collapse of FTX, Silvergate Capital, Silicon Valley Bank, and many other CeFi platforms in 2022, it is evident that DeFi and the entire crypto industry need better ways to safeguard users’ funds and, most importantly, restore their trust. USB is what we all were looking for.“

Industry leaders have been advocating for a truly decentralized stablecoin that is private, backed by verified and audited assets, and unassailable to shutdowns. Stabolut CEO Eneko Knorr has stated that “the launch of USB will set new industry standards for moving financial value across the internet and crypto markets.” Knorr cites the collapse of UST and recent instability caused by bank fiascos as evidence of market demand for a reliable stablecoin choice. “Stabolut aims to unlock a new era of transparent, privacy-preserving, fast, inexpensive, and interoperable exchange across the globe with USB,” said CTO Julian Beltran who was the first to support this vision.

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