Last updated: May 7, 2019
If you are an employee or independent contractor that is accessing or using our services on behalf of an issuer, you may not access or use our services unless the issuer has entered into a master services and platform agreement with us. Please carefully read all disclaimers and limitations of liability, including those related to wallets, private keys, tokens, and private placements.
2. Stably Services
The Platform is intended only to facilitate such issuances and redemptions of USDS tokens. Every USDS token is fully collateralized by a US Dollar (USD). Stably utilizes tokenization smart contracts and escrow accounts managed by fiduciary Trustees in order to legally create a 1-to-1 parity to the USD via direct redemption of USD held in FDIC-insured escrow accounts for the benefit of USDS token holders. Our publicly audited smart contracts issue USDS tokens when USD is deposited into the escrow accounts and burn USDS tokens when USD is redeemed/withdrawn from the escrow accounts. This ensures that the USDS in circulation and the USD held in escrow by our Trustees are both the same amount. The escrow account holdings are also published periodically and subject to ongoing attestations by third party auditors. USDS tokens are not money or legal tenders and should not be treated as such. USDS tokens do not pay interest, dividends or any other earnings. All interest and earnings generated by the escrow accounts are owned by the Company and its Trustees.
To purchase USDS tokens, a client must first open an account on our Platform. Once they are logged in the Platform, the client must submit their personal and financial information, including bank account information and a valid Ethereum ERC-20 wallet address that the USDS tokens will be sent to after being purchased. The client can then create a USDS token issuance/purchase request. We then forward this information and the request to our Trustee. The Trustee then screens the client’s information in accordance with their internal anti-money laundering and know your customer compliance program (“AML/KYC”). Upon approval of the request, the Trustee will notify us and we will notify the client to initiate the USD wire or ACH deposit to the escrow accounts held by our Trustee. Upon receipt of funds, the Trustee will signal our smart contract to mint USDS tokens and send them to the client’s wallet address.
To redeem USDS tokens with us, a client must also have an existing account that is AML/KYC-verified on our Platform. The client can then create a redemption request on our Platform. We will then forward the request to our Trustee. Upon approval of the request, we will notify the client to send their USDS tokens to a deposit address to be burned. Upon receipt of tokens, we will notify our Trustee to initiate the USD wire or ACH transfer to our client.
Possession of USDS tokens does not guarantee redemption or exchange of the tokens for real currency by the Company and its Trustees. The Company reserves the right to refuse issuance or redemption of USDS tokens, without limiting the generality of the foregoing, if any act, conduct, transaction, omission, or misrepresentation, or the party requesting the issuance or redemption, violates, attempts to violate, causes, aids, or abets the violation of any applicable laws, statutes, ordinances, or regulations; is suspected or believed to be blocked property, frozen assets, or economic resources, or the proceeds of any crime, terrorist financing, or corruption related to any person or government official under any applicable laws; exposes the Company to sanctions, restrictions, or penalties. The Company also reserves the right to refuse to issue or redeem USDS upon receipt of any subpoena, order, or request from any government, government official, or law enforcement authority of competent jurisdiction.
3. Licensing and Jurisdiction
Stably is not a licensed bank, trust company, broker/dealer, nor money transmitter. The Company is a blockchain technology service provider who partners with regulated financial institutions that are fully registered and licensed to operate as banks, trust companies, or money transmitters in their respective jurisdictions. As a result, all token issuance and redemption requests submitted to the Stably Platform will be forwarded to and processed by our Trustees. The Company does not make any decision to issue and redeem USDS tokens and all token issuances and redemptions require approval from a regulated Trustee. The Stably Platform is currently controlled and operated by Prime Trust, LLC (“Prime Trust”) from its offices in the State of Nevada. Prime Trust is a Nevada chartered and regulated financial institution.
Residents of the State of New York (USA), the Province of Québec (Canada), and certain other jurisdictions, including but not limited to Angola, Burma (Myanmar), Congo, Cote D’Ivoire, Cuba, Crimea and Sevastopol, Ethiopia, Iran, Iraq, Liberia, Libya, North Korea, Rwanda, Somalia, Sudan, Syria, Venezuela, Yemen, or Zimbabwe may not purchase, hold nor redeem USDS tokens. Prime Trust retains full discretion to refuse to complete any instruction to purchase or redeem USDS tokens. Access to the Platform from jurisdictions where the contents or practices of the Platform are illegal, unauthorized or penalized is strictly prohibited.
4. Anti-Money Laundering, Counter Terrorist Financing, and Sanctions
Stably and our regulated Trustees are committed to providing you with safe, compliant, and reputable services through the Platform. Accordingly, both Stably and our regulated Trustees insist on a comprehensive and thorough customer due diligence process and implementation as well as ongoing analysis and reporting. This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators.
We reserve the right to refuse registration to, or to bar transactions from or to, anyone from or in jurisdictions that do not meet international AML–CTF standards as set out by the Financial Action Task Force (“FATF”) or other high-risk jurisdiction; to anyone that is a Politically Exposed Person within the meaning of the FATF’s 40+9 Recommendations; or that fails to meet any of our customer due diligence standards, requests, or requirements; or to anyone that is on the Specially Designated Nationals List of the U.S. Office of Foreign Assets Control (“OFAC”); any Canadian designated persons list, including the Consolidated Canadian Autonomous Sanctions List; any UN Sanctions List; or other applicable sanctions or watchlist. We may also refuse registration to, or bar transaction from or to, anyone from, resident in, or transacting from a country subject to UN, US, Canadian or other applicable economic sanctions. In lieu of refusing registration, we may perform enhanced customer due diligence procedures. At all times, you may be subject to enhanced customer due diligence procedures in your use of the Platform and any related service.
We reserve the right to prohibit specific cryptocurrency wallet addresses from accessing the Platform, receiving USDS tokens, or transferring USDS tokens if properly directed to do so by law enforcement or a court of competent jurisdiction. The Company will cooperate with applicable law enforcement and regulatory authorities where it is required to do so and will share information if there are grounds to believe that USDS is being used for illegal purposes.
We reserve the right to prohibit specific cryptocurrency exchanges from accessing the Platform, receiving USDS tokens, or transferring USDS tokens if the exchange has not been pre-approved by the Company or the Company is properly directed to do so by law enforcement or a court of competent jurisdiction. We reserve the right to restrict or prohibit the listing or trading of USDS on any exchange in our sole and absolute discretion. Any exchange that lists USDS represents and warrants to the Company that by doing so it is duly organized, registered, licensed, and shall comply with all applicable laws and rules in every jurisdiction in which it operates.
Furthermore, any exchange listing USDS represents and warrants to the Company that by doing so it has Anti-Money Laundering ("AML") and Counter Terrorist Financing controls meeting the requirements in every jurisdiction in which it operates. The Company will make reasonable efforts to notify and inform exchanges in advance of any such restriction or prohibition, unless the Company is prohibited from doing so by law or under an order from a court of competent jurisdiction or authority.
6. Accessing the Stably Platform
- We reserve the right to amend the Platform, and any service or material we provide on the Platform, in our sole discretion without notice. This includes, but is not limited to, replacing the existing Stably smart contract with a new smart contract or moving USDS to a new blockchain. In the event that the Stably smart contract is replaced or moved to a new blockchain, balances will be transferred and the old USDS will not be valid for any purpose and shall be frozen.
- Should the Ethereum blockchain fork, we reserve the right to select the new fork based on factors that include, but are not limited to, community adoption and long-term viability. In the event of an Ethereum fork, Stably on the non-chosen fork will not be valid for any purpose and shall be frozen.
- We reserve the right to prohibit token issuance and redemption requests if the total amount submitted is less than $100 USD per transaction. The Company may reduce this minimum amount in the future in coordination with our Trustees.
7. Account Security
You are solely responsible for maintaining the confidentiality of your account information, as well as any and all activities that occur under your account. You must immediately notify us of any unauthorized use of your account and any other such security breach. We will not be liable for any loss that may occur as a result of someone else using your account or password, with or without your knowledge. You should use particular caution when accessing your account from a public or shared computer so that others are not able to view or record your password or other personal information.
Furthermore, to minimize loss and damages arising out of potential cyber attacks, account breaches and fraud, we reserve the right to place and adjust upper limits on transaction amounts. For example, if there is an immediate or potential risk of an account hack on our Platform or other Platforms of similarly situation companies are known to be under cyber or internal company security and account breaches, we may take immediate action by, not limited to, limiting all or select buy/sell order to $100 per transaction.
8. Data You Upload to Us
You grant to us an irrevocable, worldwide, non-exclusive, royalty-free, fully paid-up, transferable and sublicensable license during the Term (defined below) to access, collect, store and use any data, information, records and files that: (a) you load, transmit to or enter into the Stably Platform; or (b) that we collect from your usage of the Stably Platform ((a) and (b), collectively, the “User Data”), to: (i) develop, enhance and make available the Stably Platform; and (ii) to produce data, information or other materials that are not identified as relating to a particular individual or company (such data, information and materials, the “Aggregated Statistical Information”). Our operational relationship requires us and permits use to improve the system of being free to create, use and disclose Aggregated Statistical Information for any purpose and without obligations of any kind.
10. No Unlawful or Prohibited Use
Without limiting the generality of the foregoing, you will not (and will not attempt to), as applicable:
- Send, upload, collect, transmit, store, use, post, publish, or otherwise communicate on the Stably Platform any data, information, pictures, videos, music, or other materials or content that:
- Contains any computer viruses, worms, malicious code, or any software intended to damage or alter a computer system or data.
- You do not have the lawful right to send, upload, collect, transmit, store, use, publish or otherwise communicate.
- Is false, intentionally misleading or impersonates any other person.
- Is bullying, harassing, abusive, threatening, vulgar, obscene, or offensive, or that contains pornography, nudity, or graphic or gratuitous violence, or that promotes violence, racism, discrimination, bigotry, hatred, or physical harm of any kind against any group or individual.
- Is harmful to minors in any way or targeted at minors.
- Violates any applicable laws, or infringes, violates or otherwise misappropriates the intellectual property or other rights of any third party (including any moral right, privacy right or right of publicity).
- Encourages any conduct that may violate any applicable laws or would give rise to civil or criminal liability.
- Disables, overly burdens, impairs, or otherwise interferes with servers or networks connected to the Stably Platform (e.g., a denial of service attack).
- Attempts to gain unauthorized access to the Stably Platform.
- Uses any data mining, robots, or similar data gathering or extraction methods, or copies, modifies, reverse engineers, reverse assembles, disassembles, or decompiles the Stably Platform or any part thereof or otherwise attempts to discover any source code.
- Uses the Stably Platform for the purpose of building a similar or competitive product or service.
- Uses the Stably Platform or the Tokens for any criminal activity or unlawful purposes.
- The Stably Platform may provide links to third party websites or applications. These links are provided solely for your convenience and for the convenience of other users of the Stably Platform. We do not endorse the information, products, or services described on those websites or applications; or guarantee their quality, accuracy, reliability, completeness, currency, timeliness, non-infringement, merchantability, or fitness for any purpose. The content in any linked website or application is not under our control, and if you choose to access any such website or application, you do so entirely at your own risk.
There are no separate fees for users to use the Stably Platform other than as outlined in our fee schedule below. Our fee schedule is subject to future changes without notice but we will make every best effort to inform existing account holders of such decision in a reasonable amount of time before it happens.
- Account opening/closure fees: $0 USD
- Account maintenance fee: $0 USD per month
- USDS purchase fee: 0% per transaction
- USDS redemption fee: 0% per transaction
- Ethereum gas fee: 0 ETH for USDS purchase, market rates for USDS redemption
- Wire fee for USDS purchase: Please refer to your bank or service provider’s fee schedule
- Wire fee for USDS redemption: $0 per transaction
13. Communications Not Confidential
We do not guarantee the confidentiality of any communications made by you through the Stably Platform. We do not guarantee the security of data transmitted over the Internet or public networks in connection with your use of the Stably Platform.
- General Disclaimer: The Stably Platform is provided “as is” and “as available”, with all faults and without warranties or conditions of any kind. To the fullest extent permitted by applicable law, we disclaim all warranties, representations and conditions of any kind with respect to the Stably Platform whether express, implied, statutory or collateral, including, without limitation, the warranties and conditions of merchantability, merchantable quality, compatibility, title, security, reliability, completeness, quiet enjoyment, accuracy, reliability, currency, timeliness, quality, integration, fitness for a particular purpose and non-infringement, or any warranties or conditions arising out of course of dealing or usage of trade, or that the Stably Platform is or will be error free or will operate without interruption.
- Private Keys and Wallets: You acknowledge and agree that it is your responsibility to protect the private keys to your tokens and ensure their safety and security. If you lose your private keys, it will not be possible for us to recover it on your behalf. If we make available our digital wallet for the storage of tokens to you, we do so out of convenience only and assume no responsibility or liability in connection with your use of our wallet.
- Use of Correct Address for Token Transactions: You acknowledge that blockchain token transactions are technically irreversible and that it is your sole responsibility to ensure the correct address is used for any blockchain token transactions through the stably platform. we cannot reverse any blockchain token transactions and, accordingly, will not reimburse or refund you for any such transactions.
16. Limitation of Liability
17. Prohibited Businesses
In addition to the prohibited uses described above, the following categories of businesses, business practices, and sale items are barred from the Platform ("Prohibited Businesses"). The specific types of use listed below are representative, but not exhaustive. If you are uncertain as to whether or not your use of Service involves a Prohibited Business, or have questions about how these requirements apply to you, please contact us at email@example.com. By using the Platform, you confirm that you will not use it in connection with any of following businesses, activities, practices, or items:
- Unfair, predatory or deceptive practices: Investment opportunities or other services that promise high rewards; Sale or resale of a service without added benefit to the buyer; resale of government offerings without authorization or added value; sites that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers.
- High risk businesses: any businesses that we believe poses elevated financial risk, legal liability, or violates card network or bank policies.
18. Assumption of Risk; No Advice; Authorized Exchanges Only
Cryptocurrency markets are volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. You are solely responsible and liable for your account on the Platform and knowing the true status of your USDS even if the information on the Platform is displayed incorrectly. We do not provide any investment advice or consultation on the advisability of purchasing USDS, the timing of a purchase or redemption, or any other matters regarding the purchase or redemption of USDS, such as trading techniques, models, algorithms, or any other schemes.
Furthermore, StableUSD (USDS) is officially listed for trading only on cryptocurrency exchanges that are authorized partners of Stably. To become an authorized exchange partner, the exchange operator must have KYC/AML/CFT programs and procedures in place as well as apply to go through a review process with Stably’s internal compliance team. Once approved, the authorized exchange partner may list USDS for trading. Any unauthorized exchange that lists USDS without an official agreement with Stably is considered in breach of the Terms of Service herein contained.
If you operate a cryptocurrency exchange and wishes to list USDS for trading, please contact firstname.lastname@example.org to learn more.
19. No Class Proceedings
Any party hereto may bring claims against the other only on an individual basis and not as a plaintiff or class member in any purported class or representative action or proceeding. Unless the parties agree otherwise, any adjudicator of any claim—whether judicial or otherwise—may not consolidate or join more than one party’s claims and may not otherwise preside over any form of a consolidated, representative, or class proceeding. Any adjudicator of any claim may award relief, including monetary, injunctive, and declaratory relief, only in favor of the party seeking relief, and only to the extent necessary to provide relief necessitated by that party’s claim(s). Any relief awarded cannot affect other users of the Platform or of any Services.
You will defend, indemnify and hold harmless us and all of our officers, directors, investors, employees and agents from and against any third party claims, causes of action, demands, recoveries, losses, damages, fines, penalties, or other costs or expenses of any kind or nature including reasonable legal and accounting fees arising out of or in connection with:
- Your breach of your warranties described hereunder.
- Your violation of any applicable law or the rights of a third party (including intellectual property rights).
21. Term and Termination; Survival
22. General Provisions
- Force Majeure: We will not be liable for delays caused by any event or circumstances beyond our reasonable control, including acts of God, acts of government, flood, fire, earthquakes, civil unrest, acts of terror, strikes or other labour problems, Internet service failures or delays.
You may contact us via email about privacy questions, comments, or concerns at: email@example.com.