• Stably has launched #USD, a BRC20 stablecoin on the Bitcoin network.
• The token is backed 1:1 with USD and held in a regulated custodial account.
• This marks a milestone in the growing Bitcoin ordinals ecosystem which now has half a billion dollars in market capitalization.
Stably Launches #USD as its BRC20 Stablecoin
Stably, an infrastructure provider for Web 3.0 projects, has launched its USD-backed stablecoin – Stably USD #USD – as a natively-issued BRC20 token under the symbol #USD on the Bitcoin network. This development marks an important milestone in the growing Bitcoin ordinals ecosystem that currently has more than $500 million in total market capitalization.
Backing of #USD Token
The tokens are backed one-to-one with US dollars held securely in a regulated custodial account managed by an institution compliant with KYC/AML regulations. To ensure that all tokens are always fully collateralized with US Dollars, monthly reports of these accounts will be conducted by an independent third-party stablecoin attestor.
Mission Of Stably
It is part of Stably’s mission to create seamless fiat-to-crypto and stablecoin onramps for popular and emerging blockchain networks while powering them for billions of users around the world. The company is collaborating with leading ordinals and BRC20 projects such as UniSat – the world’s largest decentralized wallet/marketplace for ordinals – and Ordzaar – Asia’s first decentralized ordinals marketplace project – to drive global adoption toward decentralized finance on the Bitcoin network (or ‘BitFi’).
Taproot Upgrade
The introduction of BRC20 tokens was made possible after Taproot upgrade which enables ‘ordinal inscriptions’ to attach any data to individual satoshis -the smallest unit of a bitcoin-. These satoshis can then represent anything from digital art ownership or meme coins to stablecoins like #USD.
About The CEO’s Viewpoint
Kory Hoang, CEO and co-founder at Stably remarked that Domo -the creator of the BRC20 standard- thought it was great how they were creating this product to enable trading on chain when they met at Miami’s Bitcoin 2023 conference . He was truly amused when he heard about their plan -just one week later it became reality-.