Stably, a prominent provider of Stablecoin-as-a-Service (SCaaS) and infrastructure for fiat on/off-ramp in Web3 projects, plans to bring about a significant transformation in the emerging Bitcoin ordinals market. They aim to achieve this by introducing their stablecoin, Stably USD, which is backed by the US Dollar (USD), as a native BRC20 token denoted by the symbol #USD. This groundbreaking move represents a crucial milestone in the rapidly expanding Bitcoin ordinals ecosystem, which has amassed a market capitalization of nearly half a billion dollars within just six months.
#USD – BRC20 US Dollar-backed stablecoin
#USD, the stablecoin in question, is developed as a BRC20 standard token using the Bitcoin ordinals protocol, which was introduced after the recent Taproot upgrade in January 2023. BRC20 tokens employ a technique known as ordinal inscriptions, which enables the attachment of data to individual “satoshis,” the smallest units of Bitcoin. Consequently, these satoshis can now represent various assets such as digital art ownership, “meme coins,” and even stablecoins.
Stably asserts that each #USD token is fully backed by one US Dollar in a collateral account managed by a custodian regulated in the United States. This collateral account serves the interests of token holders who have undergone the necessary KYC/AML verification process. Furthermore, a third-party stablecoin attestor conducts monthly reports on the account to ensure the complete collateralization of #USD tokens with USD at all times.
Stably’s inclusion of BRC20 #USD within the Bitcoin network aligns with their objective of providing a smooth transition for the next billion Web3 users by offering a convenient fiat-to-crypto and stablecoin gateway to various established and upcoming blockchain networks.
About Stably.io
Stably, headquartered in Seattle, is a registered Money Services Business (MSB) with FinCEN and operates as a payment infrastructure provider for Web3. Their expertise lies in delivering stablecoins and facilitating seamless transitions between fiat and cryptocurrencies for users of Web3 applications. Stably is dedicated to enabling the next billion Web3 users of this decade with payment infrastructure that adheres to regulatory standards, supporting both established and emerging blockchain ecosystems.
