Key points to remember
- The first stablecoin BRC20 was launched in accordance with the new BitFi – DeFi technology for the Bitcoin network.
- Stably USD (#USD) is available in over 200 regions and 44 US states
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Stably, a Stablecoin-as-a-Service (SCaaS) provider and fiat on/off-ramp infrastructure provider for Web3 projects founded in 2018, launched Stably USD (#USD) as a BRC20 token. This move by Stably should utilize the nascent Bitcoin ordinal market and respond to the rapid expansion ecosystem.
CEO and co-founder of Stably Kory Hoang told Crypto Briefing: “The new ORC20 standard (open standard for ordinal tokens), which is also based on Bitcoin ordinals and the BRC20 standard, also aims to improve security and the flexibility of BRC20. because allow BRC20 assets to migrate to ORC20. Coupled with the exponential growth of ordinals in the first half of 2023 and the possibility of blockchain “emulators” being implemented on Bitcoin, positive sentiments about BitFi’s future prospects are growing globally. .
BitFi, or decentralized finance on the Bitcoin network, supports the Bitcoin ordinal protocol which was introduced earlier this year after the Taproot upgrade. BRC20 tokens use 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 added:
“Natively issued BRC20 stablecoins are needed 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 BRC20 token issued natively on the Bitcoin ordinal network, KYC verified users in over 200 countries/regions, with coverage extending to 44 US states, can buy #USD with Fedwire, SWIFT, USDC and USDT. Monthly audits are done to ensure the amount of #USD is backed by USD on a 1-1 ratio.
The first #USD order on the Unisat Marketplace
While the initial stablecoin launch involves a manual issuance and redemption process, Stably plans to introduce support for automatic issuance and redemption through Stably Ramp, the plug-and-play fiat gateway widget from the company, Q3 2023. This upcoming update will allow #USD users to seamlessly up/downgrade using more traditional payment methods including ACH, Instant ACH, Credit/Debit Cards and bank son.