Key Highlights:
- As part of the implementation of the brand-new BitFi — DeFi for the Bitcoin Network — technology, the first BRC-20 stablecoin has been released.
- There are 44 U.S. states and more than 200 regions where stable USD (#USD) is accepted.
The first-ever dollar-pegged stablecoin produced directly on the Bitcoin blockchain has been introduced by Stably, a stablecoin-as-a-service provider and fiat to cryptocurrency on-ramp.
The Stably USD ($USD) token is built on the newly popularized BRC-20 token standard, which was the basis for many Bitcoin-based meme coins earlier this month.
More information about BRC-20
The Bitcoin ordinals protocol, implemented in January 2023 following the most recent Taproot upgrade, created #USD, a BRC-20 standard stablecoin. Individual “satoshis,” the smallest unit of a Bitcoin, have data attached to them through a method called ordinal inscriptions in BRC-20 tokens. Then, these satoshis can stand in for anything, including the ownership of digital art, “meme coins,” and even stablecoins.
Every #USD token, according to Stably, is backed 1:1 by USD in a collateral account overseen by a US-regulated custodian for the benefit of token holders who have undergone KYC/AML verification. To guarantee that #USD tokens are always completely collateralized with USD, a third-party stablecoin attestor additionally performs monthly reports for the account.
Stably has integrated BRC20 #USD into the Bitcoin network as part of its objective to provide a seamless fiat-to-crypto and stablecoin on-ramp to all well-known and up-and-coming blockchain networks.
About Stably
Seattle-based Stably is a provider of Web3 payment infrastructure and a FinCEN-registered MSB. The business specializes in offering Web3 application users stablecoins and fiat > crypto on and off-ramps. Stably aims to provide regulatory-compliant payment infrastructure across established and developing blockchain ecosystems to the next billion Web3 users by the end of this decade.
