Stably, a leading provider of Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure for Web3 projects, has launched its Stably USD (#USD) stablecoin as a BRC20 token, tapping into the growing Bitcoin ordinals market. Founded in 2018, Stably’s move into the BRC20 space signals its commitment to supporting the rapidly evolving Bitcoin decentralized finance (BitFi) ecosystem.
The BRC20 token standard, which utilizes ordinal inscriptions to associate data with individual satoshis, allows Bitcoin to represent a variety of assets, such as digital art, memecoins, and now, stablecoins. This development follows the introduction of Bitcoin ordinals earlier this year, after the Taproot upgrade, and could play a key role in expanding the Bitcoin network’s role in Web3.
Kory Hoang, CEO and co-founder of Stably, explained to Crypto Briefing that the new ORC20 open standard, built on Bitcoin ordinals, enhances the security and flexibility of BRC20 tokens. He believes the standard’s ability to allow assets to migrate from BRC20 to ORC20 could further accelerate the growth of decentralized finance on the Bitcoin network. The first half of 2023 saw exponential growth in the ordinals space, with positive sentiment rising globally about the future of BitFi, or decentralized finance on Bitcoin.
“Native BRC20 stablecoins are crucial for driving the development and adoption of BitFi applications, much like stablecoins have fueled DeFi on Ethereum and other blockchains,” Hoang added. Stably’s USD stablecoin (#USD) aims to fill this gap, providing a secure and efficient stable asset for Bitcoin’s nascent decentralized finance ecosystem.
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Currently, #USD is available for KYC-verified users in over 200 countries and 44 U.S. states. It can be purchased with Fedwire, SWIFT, USDC, and USDT, and monthly audits ensure its full 1:1 USD collateralization. Stably plans to launch automatic issuance and redemption through its fiat gateway, Stably Ramp, later this year, making it easier for users to access the #USD token with traditional payment methods.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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