May 25, 2023 – Renton, United States
Stably, a leading SCaaS (stablecoin-as-a-service) and fiat on/off-ramp infrastructure provider for Web 3.0 projects, is aiming to revolutionize the nascent Bitcoin ordinals market by launching its USD-backed stablecoin Stably USD as a natively-issued BRC20 token under the symbol #USD.
This groundbreaking development marks a critical milestone in the exponentially growing Bitcoin ordinals ecosystem that is now reaching half a billion dollars in total market capitalization in less than six months.
#USD is a BRC20 standard stablecoin created via the Bitcoin ordinals protocol, which was introduced in January 2023 after the recent Taproot upgrade.
BRC20 tokens use a technique called ‘ordinal inscriptions’ to attach data to individual ‘satoshis’the smallest unit of a Bitcoin.
These satoshis can then represent anything from digital art ownership to ‘meme coins’ and even stablecoins.
According to Stably, 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 for the account are also conducted by a third-party stablecoin attestor to ensure #USD tokens are always fully collateralized with USD.
Kory Hoang, CEO and co-founder of Stably, said,
“When I met Domothe 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 and funny how we are creating a stablecoin on Bitcoin to enable Bitcoin trading on-chainith a stablecoin built on Bitcoin. I’m still chuckling about it to this day, actually. In just one week after that, however, we made it happen.”
The integration of BRC20 #USD into the Bitcoin network is part of Stably’s mission 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.
The company’s upcoming collaborations with prominent ordinals and BRC20 projects, including UniSat the world’s largest decentralized wallet/marketplace for ordinals and Ordzaar Asia’s first decentralized ordinals marketplace project reflect Stably’s aspiration to drive global innovation and adoption toward decentralized finance on the Bitcoin network (or ‘BitFi’).
Additionally, Stably’s engineers are now exploring the new ORC20 standard for Bitcoin ordinals, which could…
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