Stably, a leading Stablecoin-as-a-Service and fiat on/off-ramp infrastructure provider for Web3 projects, recently announced the launch of a stablecoin backed by US dollar as a BRC-29 token under the symbol #USD.
#USD is a BRC-20 standard stablecoin created through the Bitcoin Ordinals protocol which was introduced in Jan 2023 after the Taproot upgrade brought many benefits to the Bitcoin network. According to Stably, each #USD token is backed 1-1 by USD in a collateralized account which is managed by its regulated custodian for the benefit of KYC/AML-verified token holders. Monthly attestations are conducted by a third-party attestor to ensure the collateral is always 1-to-1 with the number of circulating stablecoins.
“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, CEO and co-founder of Stably.
Stably claims #USD can be issued and redeemed through multiple platforms such as Fedwire, SWIFT, USDC and USDT by KYC verified users in over 200 countries/regions, including 44 US states. The initial launch of #USD including the issuance/redemption will be done manually by the Stably team, but plans to automate the automatic issuance/redemption through Stably Ramp during the third quarter of 2023.
Stably is a leading Stablecoin-as-a-Service and fiat on/off-ramp infrastructure provider for Web3 projects. Founded in 2018, Stably is backed by leading institutional and angel investors in crypto such as Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, CREAM Labs, Sunny Lu of VeChain and Paul Stahura by Donuts, Inc.
The company has raised over $7,500,000 in funding in total to date, $5,000,000 of which was raised in a Series A round in December 2021. Stably has also extended its stablecoin to over 10 emerging networks, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.
This move marks an important milestone in the growing Bitcoin Ordinals ecosystem, which is currently reaching nearly $500 billion in market capitalization in less than 6 months.