[ad_1]
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
Share this article
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.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
[ad_2]
