Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
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 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 and funny how we are creating a stablecoin on Bitcoin to enable Bitcoin trading on-chain ith 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 significantly enhance the token properties of #USD once implemented.
#USD can be issued/redeemed with Fedwire, SWIFT, USDC and USDT by KYC-verified users across over 200 countries/regions currently, including up to 44 US states.
Stably states that it is employing a manual process of issuance/redemption for #USD’s initial launch but plans to release support for automatic issuance/redemption through Stably Ramp the company’s plug-and-play fiat gateway widget during Q3 2023.
By then, users of #USD will be able to on/off-ramp via more traditional payment methods like ACH, instant ACH and credit/debit cards, in addition to bank wires.
Founded in 2018, the 20-plus team member Seattle fintech is backed by leading institutional and angel investors in the crypto space, such as Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, CREAM Labs, Sunny Lu of VeChain and Paul Stahura of Donuts, Inc.
The company has raised over $7,500,000 in total funding to date $5,000,000 of which was collected during its last pre-Series A round in December 2021.
Stably has also expanded its fiat on/off-ramp and stablecoin natively to more than 10 emerging networks, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON and Chia Network.
About Stably
Stably is a Web 3.0 payment infrastructure provider and FinCEN-registered MSB from Seattle.
The company specializes in providing stablecoins and fiat <> crypto on- and off-ramps to users of Web 3.0 applications.
Stably’s mission is to power this decade’s next billion Web 3.0 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems.
Visit the website to learn more.
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Contact
Matthew Barrett, head of marketing at Stably
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