Renton, United States, May 25th, 2023, Chainwire
Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web 3.0 projects, is aiming to revolutionize the nascent Bitcoin (BTC) ordinals market by launching its United States Dollar (USD)-backed stablecoin, Stably USD, as a natively- announced BRC20 crypto token under the symbol #USD. This groundbreaking development marks a critical milestone in the exponentially growing Bitcoin (BTC) ordinals ecological system that is now reaching half a Billion dollars in total market cap in less than 6 months.
#USD is a BRC20 standard crypto stablecoin created via the Bitcoin ordinals protocol which was introduced in January 2023 after the recent Taproot upgrade. BRC20 crypto tokens use a technique was known ordinal inscriptions to attach data to individual “satoshis,” the smallest unit of a Bitcoin. These satoshis can then represent anything from digital art ownership to “ Meme Coin coins” and even stablecoins.
Reports by Stably, every #USD crypto token is backed 1-to-1 with USD in a collateral account managed by a US-regulated custodian for the benefit of KYC/AML-verified crypto token holders. Monthly reports for the account are likewise conducted by a third party crypto stablecoin attestor to secure #USD crypto tokens are always fully collateralized with USD.
Kory Hoang, Stably’s CEO and Co- Founder, stated:
“ And once I met Domo, the founder of the BRC20 standard, at the Bitcoin (BTC) 2023 conference in Miami, I informed him about our next plans for #USD. He thought it was great and funny how we are creating a crypto stablecoin on Bitcoin (BTC) to enable Bitcoin (BTC) trading on-chain… With a crypto stablecoin built on Bitcoin. I’m still chuckling about it to this day, actually. In just one week after that, on the other hand, we made it happen!“
The integration of BRC20 #USD into the Bitcoin (BTC) network is part of Stably’s mission to power the following Billion Web 3.0 users with a seamless fiat-to- cryptocurrency and crypto stablecoin onramp to all trending and emerging blockchain tech networks. The company’s next collaborations with prominent ordinals and BRC20 projects, including UniSat–the world’s largest decentralized wallet/marketplace for ordinals – and Ordzaar – Asia’s 1st decentralized ordinals marketplace project, reflect Stably’s aspiration to drive worldwide innovation and adoption toward (DeFi) on the Bitcoin (BTC) network, or “BitFi.” In addition, Stably’s engineers are now exploring the new ORC20 standard for Bitcoin (BTC) ordinals, which could significantly expand the crypto 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 as of now, including up to 44 United States states. Stably states that it is employing a manual process of issuance/redemption for #USD’s initial launch but intends to release support for automatic issuance/redemption through Stably Ramp, the company’s plug-and-play fiat gateway widget, during 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.
Established in 2018, the 20+ team member Seattle FinTech is backed by leading institutional and angel investors in the cryptocurrency space, such as Morgan Creek Financial resources, 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 financing to-date, $5- Million of which was collected during its last Pre-Series A round in December 2021. Stably has likewise expanded its fiat on/off-ramp and crypto stablecoin natively to greater than 10 emerging networks, including Arbitrum, XRP Ripple (XRP) Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.
Stably is a Web 3.0 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in supplying crypto stablecoins and fiat cryptocurrency on and off-ramps to users of Web 3.0 applications. Stably’s mission is to power this decade’s next Billion Web 3.0 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain tech ecosystems.
Visit stably.io to learn more.
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Stably Head of Marketing