• Stably recently launched the US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD.
• This development marks a milestone in the Bitcoin ordinals ecosystem that is now reaching half a billion dollars in total market capitalization.
• #USD tokens are 1-to-1 backed with USD and managed by a US-regulated custodian to ensure full collateralization for KYC/AML verified token holders.
Stably Launches #USD
Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, has revolutionized the nascent Bitcoin ordinals market by launching its US Dollar (USD)-backed stablecoin, Stably USD, as a natively issued BRC20 token under the symbol #USD. This groundbreaking development marks an important milestone in the exponentially growing Bitcoin ordinals ecosystem that has reached half a billion dollars in total market capitalization within six months of its launch.
BRC20 Standard Token
#USD is created using the Bitcoin ordinals protocol which was introduced after the Taproot upgrade in January 2023. BRC20 tokens use “ordinal inscriptions” to attach data to individual satoshis –the smallest unit of Bitcoin– enabling them to represent anything from digital art ownership to “meme coins” or even stablecoins like #USD.
Fully Collateralized Tokens
Every #USD token is 1:1 backed with USD held in an account managed by a US regulated custodian for purposes of KYC/AML verification of all token holders. The account is also subject monthly reports conducted by third party attestors to ensure full collateralization of all #USD tokens with USD at all times.
Powering Next Billion Web3 Users
The integration of BRC20 #USD into the Bitcoin network is part of Stably’s mission to power the next billion Web3 users with seamless fiat-to crypto and stablecoin onramps across popular and emerging blockchain networks. Upcoming collaborations with prominent ordinals and BRC20 projects including UniSat –the world’s largest decentralised exchange platform– promise more ways for users to access various DeFi products and services globally via secure fiat onramps powered by Stably’s SCaaS solutions.
The launch of $#USD marks an important step towards achieving global mass adoption of cryptocurrencies through improved accessibility and security protocols powered by Stably’s SCaaS solutions at scale, providing more ways for users worldwide to access DeFi products via secure fiat onramps across popular blockchain networks .