Key Takeaways
- The first BRC20 stablecoin has been launched in accordance to the new BitFi — DeFi for the Bitcoin Network — technology.
- Stably USD (#USD) is available in over 200 regions and 44 U.S. states
Stably, a Stablecoin-as-a-Service (SCaaS) provider and fiat on/off-ramp infrastructure provider for Web3 projects founded in 2018, has launched stablecoin Stably USD (#USD) as a BRC20 token. This move by Stably is set to utilize the nascent Bitcoin ordinals market and cater to the rapidly expanding ecosystem.
CEO and co-founder of Stably Kory Hoang told Crypto Briefing, “the newly released ORC20 [open standard for ordinal tokens] standard, which is also built on Bitcoin ordinals and the BRC20 standard, aims to enhance the security and flexibility of BRC20 as well as allow BRC20 assets to migrate to ORC20. Coupled with the exponential growth of ordinals during the first half of 2023 and the possibility of drivechain ‘emulators’ being implemented on Bitcoin, positive sentiments on the future prospect of BitFi are rising globally.”
BitFi, or decentralized finance on the Bitcoin network, supports the Bitcoin ordinals protocol that was introduced earlier this year after the Taproot upgrade. BRC20 tokens employ ordinal inscriptions to associate data with individual satoshis, or the smallest unit of Bitcoin. This feature allows satoshis to represent various assets, including digital art, memecoins and stablecoins. Hoang further stated:
“Natively-issued BRC20 stablecoins are needed now more than ever to help catalyze the development and adoption of BitFi applications, just as they have helped DeFi applications on Ethereum and other blockchains.”
As a native-issued BRC20 token on the Bitcoin ordinals network, KYC-verified users across 200+ countries/regions, with coverage extending to 44 US states can buy #USD with Fedwire, SWIFT, USDC and USDT. Monthly audits are conducted to ensure the amount of #USD are collateralized with USD on a 1-1 ratio.
The first #USD order on the Unisat marketplace
While the stablecoin’s initial launch involves a manual issuance and redemption process, Stably has plans to introduce support for automatic issuance and redemption through Stably Ramp, the company’s plug-and-play fiat gateway widget, in Q3 2023. This upcoming upgrade will enable users of #USD to seamlessly conduct on/off-ramping using more traditional payment methods, including ACH, instant ACH, credit/debit cards and bank wires.
