Stably Launches Groundbreaking USD-Backed Stablecoin on Bitcoin Ordinals Network

By Tsunami 05/26/23 12:32 PM

Stably, a prominent Stablecoin-as-a-Service (SCaaS) provider and fiat on/off-ramp infrastructure provider for Web3 projects, is set to revolutionize the nascent Bitcoin ordinals market. The company plans to launch its US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol USD. This development signifies a significant milestone in the rapidly expanding Bitcoin ordinals ecosystem, which has achieved a total market capitalization of half a billion dollars in less than six months.

The BRC20 standard stablecoin, USD, is created using the Bitcoin ordinals protocol, introduced in January 2023 following the Taproot upgrade. BRC20 tokens utilize ordinal inscriptions to attach data to individual satoshis, the smallest unit of bitcoin. This allows satoshis to represent various assets, including digital art ownership, meme coins, and stablecoins.

Stably ensures that each USD token is backed 1-to-1 with USD held by a US-regulated custodian in a collateral account. These funds are reserved for the benefit of KYC/AML-verified token holders. To ensure full collateralization with USD, monthly reports for the account are conducted by a third-party stablecoin attestor.

Stably’s Saigon office team with founders David Zhang (seated) and Kory Hoang (in the Stably shirt). (Stably Photo)

Kory Hoang, Stably’s CEO and Co-Founder, shared the serendipitous nature of the #USD stablecoin’s conception. He recounted meeting Domo, the creator of the BRC20 standard, at the Bitcoin 2023 conference in Miami and discussing their plans for USD. The collaboration quickly took shape, with the stablecoin becoming a reality within a week.

The integration of BRC20 USD into the Bitcoin network aligns with Stably’s mission to provide a seamless fiat-to-crypto and stablecoin onramp for the next billion Web3 users across popular and emerging blockchain networks.

Stably is also forging partnerships with prominent ordinals and BRC20 projects, including UniSat and Ordzaar, to drive innovation and adoption of decentralized finance on the Bitcoin network, often referred to as “BitFi.” The company’s engineers are also exploring the new ORC20 standard for Bitcoin ordinals, which could enhance the token properties of USD once implemented.

Currently, USD can be issued and redeemed with Fedwire, SWIFT, USDC, and USDT by KYC-verified users in over 200 countries and regions, including 44 US states. Stably is initially employing a manual process for issuance and redemption but plans to introduce support for automatic issuance and redemption through its Stably Ramp widget in Q3 2023. This will enable users to seamlessly on/off-ramp via traditional payment methods such as ACH, instant ACH, credit/debit cards, and bank wires.

Founded in 2018, Stably boasts a team of over 20 members and operates as a Web3 payment infrastructure provider and FinCEN-registered MSB based in Seattle. The company has garnered support from leading institutional and angel investors in the crypto space, including Morgan Creek Capital, BEENEXT, and 500 Startups, among others.

With over $7.5 million raised in total funding, Stably has expanded its fiat on/off-ramp and stablecoin support to more than ten emerging networks, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.

Stably’s mission is to empower this decade’s next billion Web3 users by providing regulatory-compliant payment infrastructure across both established and emerging blockchain ecosystems.

As the Bitcoin ordinals market continues to evolve and embrace stablecoin solutions like USD, Stably’s launch brings renewed excitement and potential for further growth and innovation within the decentralized finance space.

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