May 25, 2023 โ Renton, United States
Stably, a leading SCaaS (stablecoin-as-a-service) and fiat on/off-ramp infrastructure provider for Web 3.0 projects, is aiming to revolutionize the nascent Bitcoinย (BTC) ordinals market by launching its USD-backed cryptoย stablecoin Stably USD as a natively- announced BRC20 cryptoย token under the symbol #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 (BTC) ordinals protocol, which was introduced in January 2023 after theย pastย few Taproot upgrade.
BRC20 cryptoย tokens use a technique wasย known โordinal inscriptionsโ to attach data to individual โsatoshisโ 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 one-to-one 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, CEO and co- founder of Stably, said,
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.
โHe thought it was great and funny how we are creating a cryptoย stablecoin on Bitcoinย (BTC) to enable Bitcoinย (BTC) trading on-chain ith a cryptoย stablecoin built on Bitcoin. Iโm still chuckling about it to this day, essentially. 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 Web 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, including UniSat the worldโs largest decentralized wallet/marketplace for ordinals and Ordzaar Asiaโs 1st decentralized ordinals marketplace project reflect Stablyโs aspiration to drive worldwide innovation and adoption toward (DeFi) on the Bitcoinย (BTC) network (or โBitFiโ).
Inย addition, Stablyโs engineers are now exploring the new ORC20 standard for Bitcoinย (BTC) ordinals, which could significantly expandย the cryptoย token properties of #USD once implemented.
#USD can be issued/redeemed with Fedwire, SWIFT, USDC and USDT by KYC-verified users across over 200 countries/regions asย ofย now, including up to 44 Unitedย States states.
Stably states that it is employing a manual process of issuance/redemption for #USDโs initial launch but intendsย to release support for automatic issuance/redemption through 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.
Established in 2018, the 20-plus 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 $7,500,000 in total financing to date $5,000,000 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 Web 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 Web 3.0 applications.
Stablyโs mission is to power this decadeโs next Billion Web 3.0 users with regulatory-compliant payment infrastructure across both developed and emerging blockchainย tech ecosystems.
Visit the website to learn more.
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Contact
Matthew Barrett, head of marketing at Stably
