Yes, v1 of the dealer is open source and available at at
So you could clone the repo, and create your own synthetic USD.
Currently the dealer has some coupling with the Galoy stack, so experimenting with the
dealer installation requires our whole stack.
We’re working on rewriting our dealer in Rust, such that it could be run independently,
even potentially with non-custodial wallet and single account.
If you are a user of Bitcoin Beach Wallet, you can reach out to support to get access to the feature.
No, today Stablesats only relies on the bitcoin payment network to work.
The Stablesats project is focused on creating stable value in USD.
There is no token involved other than sats, and only Bitcoin payment rails are being used.
Since Stablestats uses derivatives products, it may require regulatory approval in some countries.
Every fiat product has some risk. For instance if you hold fiat in a bank account and the bank
goes under, you are at risk of losing funds. Similarly, when you stabilize sats, some of the magical powers wear off.
Risks to consider for Stablesats include the following:
Counterparty risk with the exchange. If the exchange goes under, the collateral may be
Derivatives exchanges have auto-deleveraging for perpetual contracts. The position could be closed
despite being in profit. This will lead to an under-hedging situation.
Funding goes negative for an extended period of time. Historically there has been on average more
longs than shorts on derivatives exchanges. In this environment, funding is revenue-generating for
short positions. This might not stay true in the future.
To learn more from Galoy view the
GitHub repo, or read other relevant resources:
Luna Bros, Inc.
(Bitcoin-Backed Stablecoins section) and thoughts from
Algorithmic stablecoins are typically not fully collateralized, which makes them vulnerable to a run on the bank.
The derivatives contracts placed to create Stablesats are fully collateralized with BTC – for every dollar liability,
there is an equivalent dollar worth of value in bitcoin.
With Stablesats, users don't have to worry about which blockchain or stablecoins their counterparty uses. Stablesats offers
a way to hold and transact dollars that is fully interoperable with anyone using bitcoin and Lightning.
Not with stablesats, but we are working on this functionality independently. If this is of interest,
reach out to us so we can better understand your requirements.