Renton, USA, May 25, 2023, Chainwire
Steadya leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, aims to revolutionize the nascent Bitcoin ordinal market by launching its US dollar-backed stablecoin ( USD), USD stableas a BRC20 token issued natively under the symbol #USD. This groundbreaking development marks a critical milestone in the exponentially growing Bitcoin ordinal ecosystem, which has now reached half a billion dollars in total market capitalization in less than six months.
#USD is a standard BRC20 stablecoin created via Bitcoin ordinal protocol which was introduced in January 2023 after the recent Taproot improve. 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 property to “meme coins” and even stablecoins.
According to Stably, each #USD token is backed 1-to-1 with USD in a collateral account managed by a US-regulated custodian for the benefit of KYC/AML verified token holders. Monthly reporting for the account is also done by a third-party stablecoin certifier to ensure #USD tokens are always fully backed by USD.
“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 #USDsaid Kory Hoang, CEO and co-founder of Stably. “He thought it was awesome and fun to see how we are building a stablecoin on bitcoin to enable on-chain bitcoin trading… With a stablecoin built on bitcoin. I still laugh about it to this day, actually. In just a week after that, however, we did it!”
Integrating BRC20 #USD into the Bitcoin network is part of Stably’s mission to power the next billion Web3 users with a seamless fiat-to-crypto and stablecoin on-ramp to all popular and emerging blockchain networks . The company’s upcoming collaborations with major ordinal and BRC20 projects, including UniSat– the world’s largest decentralized wallet/marketplace for ordinals – and Ordzaar– Asia’s first Decentralized Ordinal Marketplace project reflects Stably’s aspiration to drive global innovation and adoption towards decentralized finance on the Bitcoin network, or “BitFi.” Additionally, Stably engineers are now exploring the new ORC20 standard for Bitcoin ordinals, which could significantly improve the token properties of #USD once implemented.
#USD can be issued/redeemed with Fedwire, SWIFT, USDC and USDT by KYC verified users in over 200 countries/regions currently including up to 44 US states. stably declares that it employs a manual process issuance/redemption for the initial launch of #USD, but plans to release support for automatic issuance/redemption via Steady rampthe company’s plug-and-play fiat gateway widget, in Q3 2023. Until then, #USD users will be able to enable/disable via more traditional payment methods such as ACH, Instant ACH and credit/debit cards, in addition to bank transfers.
Founded in 2018, Seattle FinTech, which has over 20 team members, is backed by leading crypto institutional and angel investors 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 $7.5 million in total funding to date, of which $5 million was raised in its most recent pre-round. Series A in December 2021. Stably has also extended its on-ramp fiat and stablecoin natively on more than ten emerging networks, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON and Chia Network .
About stably
Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB in Seattle. The company specializes in providing stablecoins and fiat<>crypto on and off-ramps to Web3 application users. Stably’s mission is to power the next billion Web3 users of this decade with regulatory-compliant payment infrastructure in developed and emerging blockchain ecosystems.
Visit stably.io to learn more.
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Contact
Stable Marketing Manager
Matthew Barrette
Steady
(email protected)