Renton, United States, May 25th, 2023, Chainwire
Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Webย 3.0 projects, is aiming to revolutionize the nascent Bitcoinย (BTC) ordinals market by launching its Unitedย States Dollar (USD)-backed stablecoin,ย Stably USD, as a natively- announced BRC20 cryptoย token under the symbolย #USD. This groundbreaking development marks a critical milestone in the exponentially growing Bitcoinย (BTC) ordinals ecologicalย system that is now reaching half a Billion dollars in total marketย cap in less than 6 months.
#USD is a BRC20 standard cryptoย stablecoin created via the Bitcoinย ordinals protocolย which was introduced in January 2023 after the recentย Taprootย upgrade. BRC20 cryptoย tokens use a technique wasย known ordinal inscriptions to attach data to individual โsatoshis,โ the smallest unit of a Bitcoin. These satoshis can then represent anything from digital art ownership to โ Memeย Coin coinsโ and even stablecoins.
Reportsย by Stably, every #USD cryptoย 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 cryptoย token holders. Monthly reports for the account are likewise conducted by a thirdย party cryptoย stablecoin attestor to secure #USD cryptoย tokens are always fully collateralized with USD.
Kory Hoang, Stablyโs CEO and Co- Founder, stated:
โ Andย once I met Domo, the founder of the BRC20 standard, at the Bitcoinย (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 cryptoย stablecoin on Bitcoinย (BTC) to enable Bitcoinย (BTC) trading on-chainโฆ With a cryptoย stablecoin built on Bitcoin. Iโm still chuckling about it to this day, actually.ย In just one week after that, onย theย otherย hand, we made it happen!โ
The integration of BRC20 #USD into the Bitcoinย (BTC) network is part of Stablyโs mission to power theย following Billion Webย 3.0 users with a seamless fiat-to- cryptocurrency and cryptoย stablecoin onramp to all trending and emerging blockchainย tech networks. The companyโs next collaborations with prominent ordinals and BRC20 projects, includingย UniSatโthe worldโs largest decentralized wallet/marketplace for ordinals โ andย Ordzaar โ Asiaโs 1st decentralized ordinals marketplace project, reflect Stablyโs aspiration to drive worldwide innovation and adoption toward (DeFi) on the Bitcoinย (BTC) network, or โBitFi.โ Inย addition, Stablyโs engineers are now exploring the newย ORC20ย standard for Bitcoinย (BTC) ordinals, which could significantly expandย the cryptoย token properties of #USD once implemented.ย
#USD can be issued/redeemed with Fedwire, SWIFT, USDC, and USDT by KYC-verified users across 200+ countries/regions asย ofย now, including up to 44 Unitedย States states. Stably states that it is employing aย manual processย of issuance/redemption for #USDโs initial launch but intendsย to release support for automatic issuance/redemption throughย Stably Ramp, the companyโs 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.ย ย
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 Financialย 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 cryptoย stablecoin natively to greaterย than 10 emerging networks, including Arbitrum, XRPย Rippleย (XRP) Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.
About Stably
Stably is a Webย 3.0 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in supplying cryptoย stablecoins and fiat cryptocurrency on and off-ramps to users of Webย 3.0 applications. Stablyโs mission is to power this decadeโs next Billion Webย 3.0 users with regulatory-compliant payment infrastructure across both developed and emerging blockchainย tech ecosystems.
Visitย stably.ioย to learn more.
Danger Disclaimer:ย Digital assets involve wholeย lotย of dangers, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any Government agency and holding digital assets could result in loss of value and even principal. Bridged or wrapped digital assets (e.g. WBTC) involve additional dangers, such as technical challenges, higher charges, security vulnerabilities, and reliance on thirdย party custodians. Please conduct your own thorough research and understand potential dangers before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about theย dangers and considerations when using our services, please visit:ย stably.io/terms-of-service.
Contact
Stably Head of Marketing
Matthew Barrett
Stably
[emailย protected]
