• Stably launches #USD as first BRC20 stablecoin on the Bitcoin Network
• #USD is a BRC20 standard stablecoin, backed one-to-one with USD in collateral account
• Stably’s mission is to power next billion Web 3.0 users with seamless fiat-to-crypto and stablecoin onramp
Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
Stably, a leading SCaaS (stablecoin-as-a-service) and fiat on/off-ramp infrastructure provider for Web 3.0 projects, has launched its USD-backed token – Stably USD – as a natively-issued BRC20 token under the symbol #USD. This 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 tokens use ‘ordinal inscriptions’ to attach data to individual ‘satoshis’ – the smallest unit of a Bitcoin – representing anything from digital art ownership to ‘meme coins’ and even stablecoins. Every token is backed one-to-one with USD in a collateral account managed by a US regulated custodian for KYC/AML verified token holders, with monthly reports conducted by a third party attestor.
Taproot Upgrade Introduces The BRC20 Standard
The BRC20 standard was introduced in January 2023 after the recent Taproot upgrade. This technique allows satoshis to represent any type of asset or data which can be used for trading digital assets such as stocks, bonds, ETFs and more. This facilitates more efficient and secure transactions between buyers and sellers of these products through an immutable ledger system that cannot be tampered with or reversed once it is recorded on the blockchain network.
Stably’s Mission To Power The Next Billion Web 3.0 Users
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. Collaborations with prominent ordinals and BRC20 projects like UniSat – 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’).
Kory Hoang: CEO & CoFounder Of Stably
Kory Hoang, CEO & cofounder of Stably said regarding this launch: “When I met Domo at the Bitcoin 2023 conference in Miami, I told him about our upcoming plans for #USD…In just one week after that we made it happen”. He further added that this development also marks an important milestone for cryptocurrency enthusiasts who are looking forward towards exploring new avenues within web 3.0 technology powered by bitcoin networks such as bitfi etcetera..
\ Allowing everyone easier access to cryptocurrencies using fiat money via its USD backed tokens, this step taken by stably not only revolutionizes but also helps bring forth greater financial inclusion across various parts of society!