#USD is issued based on the Ordinals protocol and is backed by US dollars

​First BRC-20 standard stablecoin has been launched on the Bitcoin network

26.05.2023 - 12:35


3 min

What’s new? US-based Stably, a provider of Stablecoin-as-a-Service (SCaaS) and fiat infrastructure for Web 3.0 projects, launched the Stably USD stablecoin based on the BRC-20 standard and the Ordinals protocol on the Bitcoin network. The asset with the symbol #USD is backed by the US dollar at a 1:1 ratio, its reserves are deposited with a regulated US financial institution and will be audited monthly by a third-party company.

The BRC-20 standard and the Ordinals protocol allow Bitcoin-based fungible and non-fungible tokens (NFTs) to be issued. With Ordinals, launched in early 2023, one can tie data/digital assets/NFTs to satoshi, the smallest fractional part of BTC (0,00000001 part of the coin). Bitcoin-NFTs are also called inscriptions.

Details about the project. Integrating #USD into the Bitcoin network is part of Stably’s mission to ensure a seamless transition from fiat to cryptocurrency and stablecoin across all popular and emerging blockchains for the next billion Web 3.0 users. In the near future, Stably plans to collaborate with projects specializing in BRC-20, including bitcoin-NFT marketplaces UniSat and Ordzaar. In addition, the company’s developers continue to explore the new ORC-20 standard, which could significantly improve #USD’s performance once implemented.

“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. He thought it was great and funny how we are creating a stablecoin on Bitcoin to enable Bitcoin trading on-chain… With a stablecoin built on Bitcoin. I’m still chuckling about it to this day, actually. In just one week after that, however, we made it happen!” said Kory Hoang, Stably’s CEO and Co-Founder.

#USD can be issued/redeemed via Fedwire and SWIFT payment systems as well as centralized USDC and USDT stablecoins by KYC-verified users in 200+ countries/regions, including up to 44 US states. Stably says it initially uses a manual asset issuance/redemption process, but plans to automate the mechanism through its Stably Ramp widget in Q2 2023. By then, #USD users will be able to deposit and withdraw funds using traditional payment methods such as ACH electronic payments, instant ACH, credit/debit cards, and bank wires.

What is known about Stably? The payment infrastructure provider was founded in 2018 in Seattle by Kory Hoang and David Zhang and is registered with the Financial Crimes Enforcement Agency (FinCEN) within the US Treasury Department. It has raised more than $7,5 million from Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, and CREAM Labs. The company specializes in providing stablecoin, fiat, and cryptocurrency to users of Web 3.0 applications on networks such as Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.

On May 25, Circle (the issuer of USDC) launched the Euro Coin (EUROC) stablecoin on the Avalanche network, which will provide faster and more efficient payments and financial services for developers and users. The launch will help increase euro liquidity and provide a choice for global users who want to transact in EUROC or USDC.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy