• Stably launches #USD as the first BRC20 stablecoin on the Bitcoin network.
• #USD is a BRC20 standard stablecoin backed one-to-one with USD in a collateral account managed by a US-regulated custodian.
• Stably’s mission is to power the next billion Web 3.0 users with a seamless fiat-to-crypto and stablecoin onramp.
Stably Launches #USD As First BRC20 Stablecoin
Stably, an SCaaS (stablecoin-as-a-service) provider for Web 3.0 projects, has launched its USD-backed stablecoin – Stably USD – as a natively-issued BRC20 token under the symbol #USD. This development marks a critical milestone in the growing Bitcoin ordinals ecosystem that is now reaching half a billion dollars in total market capitalization in less than six months.
#USD Backed One to One With USD
Every #USD token is backed one-to-one with USD in a collateral account managed by a US-regulated custodian for the benefit of KYC/AML verified token holders. Monthly reports are conducted by an external attestor to ensure tokens are always fully collateralized with USD.
Mission To Power Next Billion Web 3.0 Users
Stably’s mission is to power the next billion Web 3.0 users with a seamless fiat-to crypto and stablecoin onramp to all popular and emerging blockchain networks via collaborations with prominent ordinals and BRC20 projects, such as UniSat and Ordzaar. Additionally, engineers are exploring new use cases for their products built around decentralized finance (BitFi).
BRC20 Protocol Introduced After Taproot Upgrade
The integration of BRC20 #USD into the Bitcoin network was made possible after January 2023 when the Taproot upgrade introduced ‘ordinal inscriptions’ that attach data to individual ‘satoshis’ which can represent digital art ownership, meme coins or even stablecoins like #USD .
Kory Hoang On The Launch Of #USD
Kory Hoang, CEO and cofounder of Stably, said about this groundbreaking development: “When I met Domo – the creator of the BRC20 standard – at the Bitcoin 2023 conference in Miami – I told him about our upcoming plans for#USD he thought it was great how we are creating a stablecoin on Bitcoin to enable trading on chain – with a stable coin built on Bitcoin.” In just one week after that conversation they made it happen!