Bitcoin network also issues stablecoins, Stably launches native #USD based on BRC20.

Seattle-based Web3 payment service provider Stably has announced the launch of the first BRC 20 stablecoin Stably USD #USD on the Bitcoin network. Each #USD is backed 1:1 by US dollars held in a custody account managed by a US-regulated custodian, with monthly reports verified by a third party to comply with KYC and AML regulations.

Construction of Stably USD

Stably USD #USD is a USD-pegged stablecoin based on the Bitcoin Ordinals Protocol BRC20 standard. Its purpose is to provide the Bitcoin community with a transparent and regulatory-compliant stablecoin for a seamless transition from traditional finance to DeFi (BitFi) on Bitcoin. To benefit token holders undergoing KYC verification, each #USD token is fully collateralized and can be redeemed for the held U.S. dollars at their custodian Prime Trust, a bank insured by the FDIC.

The Network Firm conducts monthly attestations of the Prime Trust statutory collateral account to ensure that the circulating supply of stablecoins equals the balance in the collateral account.

Advantages of Stably USD

Being the first and only stablecoin created through the Bitcoin Ordinals Protocol, Stably USD boasts the following advantages:

• Users can easily convert USD to #USD at a 1:1 ratio, enabling direct entry into decentralized markets without the need for centralized exchanges.
• Currently, nearly all Ordinals and BRC20 trading activities are conducted on decentralized markets via BTC. UniSat, the largest Ordinals wallet and trading market, now allows users to trade Bitcoin NFTs using #USD as a stable medium.
• The recently released ORC20 standard, built on top of the Bitcoin Ordinals and BRC20 standards, aims to enhance the security and flexibility of BRC20. With the exponential growth of Ordinals this year, positive sentiment towards the future of BitFi is on the rise. The native issuance of #USD is best suited to help foster the development and adoption of BitFi applications.

Stably USD is not only usable on the Bitcoin network but also supported on blockchains like Ethereum, XRP Ledger, VeChainThor, Harmony, Polymesh, and Chia, and it supports payments in USDC and USDT on Ethereum.

Stably’s products currently support 30 chains and 60 digital assets, offering various payment methods such as credit/debit cards, SWIFT, Fedwire, and ACH. They are available in over 200 countries/regions and 44 states in the U.S.