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Renton, United States, May 25, 2023, Chainwire
Stably, a leading provider of Stablecoin-as-a-Service (SCaaS) infrastructure and fiat on/off-ramp for the Web3 project, aims to revolutionize the nascent Bitcoin ordinal market by launching a US Dollar (USD) backed stablecoin, Stably USD , as natively issued BRC20 tokens under the symbol #USD. This groundbreaking development marks a significant milestone in the exponentially growing Bitcoin ordinals ecosystem which has now reached a total market capitalization of half a billion dollars in less than six months.
#USD is a BRC20 standard stablecoin created via the Bitcoin ordinal protocol that was introduced in January 2023 after the recent Taproot upgrade. BRC20 tokens use a technique called ordinal inscription to attach data to individual “satoshis”, the smallest units of Bitcoin. These satoshis could then represent anything from digital art holdings to “meme coins” and even stablecoins.
According to Stably, each #USD token is backed 1 to 1 against USD in a collateralized account managed by a US regulated custodian for the benefit of KYC/AML verified token holders. Monthly reporting for the account is also done by a third party stablecoin attestor to ensure the #USD token is always fully USD backed.
“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,” said Kory Hoang, CEO and Co-Founder of Stably. “He thought it was great and funny how we created a stablecoin in Bitcoin to enable on-chain Bitcoin trading… With a stablecoin built on top of Bitcoin. I still laugh about it to this day, actually. However, in just one week after that, we made it happen!”
The integration of BRC20 #USD into the Bitcoin network is part of Stably’s mission to empower the next billion Web3 users with seamless fiat-to-crypto and stablecoin onramps to all popular and emerging blockchain networks. The company’s upcoming collaborations with leading ordinal and BRC20 projects, including UniSat – the world’s largest decentralized wallet/marketplace for ordinal – and the first decentralized ordinal marketplace project from Ordzaar – Asia, reflect Stably’s aspirations to drive innovation and global adoption towards decentralized finance on the network Bitcoin , or “BitFi”. Additionally, Stably’s engineers are now exploring a new ORC20 standard for Bitcoin ordinals, which could significantly improve the properties of the #USD token once implemented.
#USD can be issued/redeemed with Fedwire, SWIFT, USDC, and USDT by KYC verified users in 200+ countries/territories right now, including up to 44 US states. Stably stated that they used a manual issuance/redemption process for the initial launch of #USD but plan to release support for automatic issuance/redemption via Stably Ramp, the company’s plug-and-play fiat gateway widget, during Q3 2023. At that time, #USD users will be can be on/off-ramped via more traditional payment methods such as ACH, instant ACH, and credit/debit cards, in addition to bank transfers.
Founded in 2018, the 20+ member Seattle FinTech team is backed by institutional investors and leading angels 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. . The company has raised over $7.5 million in total funding to date, $5 million of which was raised during its last Pre-Series A round in December 2021. Stably has also expanded fiat on/off-ramp and stablecoins natively to more than ten networks new companies, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.
About Stable
Stably is a FinCEN registered Web3 and MSB payment infrastructure provider from Seattle. The company specializes in providing stablecoins and fiat <> crypto on and off-ramp for Web3 application users. Stably’s mission is to empower the next billion Web3 users this decade with a regulatory compliant payment infrastructure across an advanced and evolving blockchain ecosystem.
Visit stablely.io to learn more.
Risk Disclaimer: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrimes, regulatory changes, and technological challenges. Past performance is not an indication of future results. Digital assets are not insured by any government agency and holding digital assets can result in loss of value and even principal. Bridged or bundled digital assets (e.g. WBTC) involve additional risks, such as technical challenges, higher fees, security vulnerabilities, and reliance on third party custodians. Please do your own thorough research and understand the potential risks before buying/holding digital assets. Nothing herein shall be construed as legal or financial advice. For more information about the risks and considerations when using our service, please visit: stablely.io/terms-of-service.
Contact
Stable Head of Marketing
Matthew Barrett
Stable
[email protected]
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