Stably Launches First BRC-20 Stablecoin #USD On Bitcoin Network
- Stably USD, a US Dollar (USD)-backed stablecoin, aspires to transform the embryonic Bitcoin ordinals industry.
- The new token, #USD, seeks to become a go-to currency for Bitcoin dealers.
- Prime Trust is the corporation that holds Stably USD’s fiat backing.
Stably, a Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 applications, is attempting to transform the embryonic Bitcoin ordinals market by releasing Stably USD as a natively-issued BRC20 token with the symbol #USD.
This ground-breaking breakthrough represents an important milestone in the rapidly expanding Bitcoin ordinals ecosystem, which has already reached a half-billion-dollar total market valuation in less than six months.
The new token Stably USD wants to become a go-to currency for traders dealing in the wave of innovative assets based on Bitcoin, according to issuing company Stably. The crypto company says that their token will enable trading in ordinals cheaper and more efficiently than paying in fiat or even Bitcoin itself.
Since January, Bitcoin’s rapidly expanding ordinals scene has gone a long way. The ordinals protocol was originally intended as a mechanism to “inscribe” NFTs on Bitcoin’s lowest denomination, the satoshi, but it has since evolved into a gateway for producing all kinds of tokens, including Stably USD.
USD is a BRC20 standard stablecoin built using the Bitcoin ordinals protocol and released in January 2023 after the latest Taproot update. BRC20 tokens link data to individual “satoshis,” the smallest unit of a Bitcoin, via a process known as ordinal inscriptions. These satoshis may therefore represent anything from ownership of digital art to “meme coins” and even stablecoins.
According to company reports, Stably USD’s fiat backing is held by Prime Trust. To exchange their stablecoins for the underlying dollar value, redeemers must go through a KYC and AML procedure.
Every #USD token, according to Stably, is backed 1-to-1 by USD in a collateral account maintained by a US-regulated custodian for the benefit of KYC/AML-verified token holders. A third-party stablecoin attestor additionally conducts monthly reports for the account to guarantee that #USD tokens are always properly collateralized with USD.
KYC-verified users may presently issue/redeem #USD via Fedwire, SWIFT, USDC, and USDT across 200+ countries/regions, including up to 44 US states. Stably claims that it is using a manual issuance/redemption procedure for the first launch of #USD, but intends to add support for automated issuance/redemption through Stably Ramp, the company’s plug-and-play fiat gateway widget, in Q3 2023. Users of #USD will be able to on/off-ramp using more conventional payment methods such as ACH, quick ACH, credit/debit cards, and bank transfers by then.
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