• Stably announces the launch of #USD, a BRC20 stablecoin on the Bitcoin network.
• The token is backed one-to-one with USD and audited by a third-party custodian for KYC/AML-verified holders.
• This marks a milestone in the Bitcoin ordinals ecosystem, which is now reaching half a billion dollars in total market capitalization.
Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
Stably, a SCaaS (stablecoin-as-a-service) provider for Web 3.0 projects, has announced the launch of its USD-backed stablecoin – Stably USD – as a BRC20 token under the symbol #USD on the Bitcoin network. This development marks an important milestone in the rapidly growing Bitcoin ordinals ecosystem that has grown to over half a billion dollars in total market capitalization in less than six months.
Backing & Custodianship
The #USD tokens are backed one-to-one with USD and held by US regulated custodians for KYC/AML verified holders. Additionally, monthly reports for the account are conducted by third party stablecoin attestors to guarantee full collateralization of all #USD tokens with USD at all times.
Taproot Upgrade & Ordinal Inscriptions
The introduction of this BRC20 standard follows after Taproot upgrade introduced in January 2023 which uses ‘ordinal inscriptions’ technique to attach data to individual satoshis -the smallest unit of Bitcoin-. These satoshis can then represent anything from digital art ownership to ‘meme coins’ and even stablecoins.
Project Collaborations
In order to revolutionize this nascent market, Stably is looking forward to collaborating with prominent ordinals and BRC20 projects such as UniSat -the world’s largest decentralized wallet/marketplace for ordinals-, Ordzaar -Asia’s first decentralized ordinals marketplace project-, among other projects that will drive global innovation towards decentralized finance using its natively issued token on BitFi (Bitcoin Network).
Conclusion
Launching its own natively issued token on BitFi is part of Stably’s mission to provide users with an effortless fiat onboarding experience within popular blockchain networks while bringing forth more innovative use cases into this new era of DeFi (Decentralized Finance).