Renton, United States, May 25th, 2023, Chainwire – Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, is set to revolutionize the nascent Bitcoin ordinals market by launching its US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD. This development is a milestone in the growing Bitcoin ordinals ecosystem, which has reached 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 that was implemented following the Taproot upgrade in January 2023. BRC20 tokens are created using a technique called ordinal inscriptions, which attach data to individual “satoshis” (the smallest unit of a Bitcoin). These satoshis can represent anything from digital art ownership to “meme coins” and even stablecoins.
Every #USD token is 1-to-1 backed with USD in a collateral account managed by a US-regulated custodian for KYC/AML-verified token holders. Additionally, a third-party stablecoin attestor conducts monthly reports for the account to ensure #USD tokens are always fully collateralized with USD.
Kory Hoang, Stably’s CEO and Co-Founder, 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… With 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 Web3 users with a seamless fiat-to-crypto and stablecoin onramp to all popular and emerging blockchain networks. The company is collaborating with prominent ordinals and BRC20 projects, such as UniSat (the world’s largest decentralized wallet/marketplace for ordinals) and Ordzaar (Asia’s first decentralized ordinals marketplace project), in pursuit of driving global innovation and adoption towards decentralized finance on the Bitcoin network, or “BitFi”. Stably’s engineers are also exploring the new ORC20 standard for Bitcoin ordinals, which could improve the token properties of #USD once implemented.
#USD can be issued/redeemed with Fedwire, SWIFT, USDC, and USDT by KYC-verified users across 200+ countries/regions, including up to 44 US states. Stably is currently using 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) in 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, Stably has raised over $7.5-million in total funding to-date, $5-million of which was collected during its last Pre-Series A round in December 2021. The 20+ 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. Stably has expanded its fiat on/off-ramp and stablecoin natively to more than ten emerging networks, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.
Stably is a Web3 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 Web3 applications, with the mission of powering the next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems. For more information about the risks and considerations when using Stably’s services, please visit stably.io/terms-of-service.
For more information, contact Stably Head of Marketing, Matthew Barrett, at [email protected]