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- 1 The Bitcoin network went through Inscriptions added on the network and the evolutions continued.
- 2 Taproot upgrade of 2021 resulted in NFTs, BRC20 standard, and now Bitcoin based stablecoin.
- 3 BTC price is trading at 26,505 USD at the press time.
The Stablecoin market has seen a notable expansion. Dominance of the stable commodity pegged digital assets rose with time and currently holds more than 11% of the global crypto market cap. Bitcoin network, despite being the oldest and biggest cryptocurrency network, neither had a stablecoin nor had ability to have one. Bitcoin stablecoin is not a daydream anymore—BRC20 stablecoin Stably USD has been launched.
Stablecoin-as-a-service (SCaaS) and on- and off-ramp Web3 infrastructure provider company, Stably made it happen. The 2008 founded Seattle based company created the stablecoin over Bitcoin network after BRC20 tokens functionality. With the upgrade, the already popular Bitcoin Ordinals market will have more utilization and will be catering the ecosystem poised for rapid expansion.
According to the company, Stably USD will have the backing of the US dollar in 1:1 ratio. A US government regulated which would have undergone through the know-your-customer (KYC) and anti money laundering (AML) compliant custodian would facilitate the reserves for the stablecoin.
Stably also added the stablecoin reserve would go through third-party attestations every month. The services are available across over 200 countries and within the United States it will be available in 44 states. The KYC verified users would be able to redeem the token, manually at present, using payments transfer protocols including Fedwire, SWIFT, stablecoins USDT and USDT.
Kory Hoang, co-founder and CEO of Stably, explained how Stably USD came into the picture. He cited the instance of him meeting the BRC20 standard creator, Domo, at the Bitcoin 2023 conference in Miami. The two discussed the plan of creating Bitcoin based stablecoin, #USD.
Creating a stablecoin over Bitcoin blockchain network which would enable on-chain trading of BTC was great according to Domo, Hoang added. It’s funny how the token was created and launched in a week’s time following their conversation.
The Web3 provider company looks towards the potential of decentralized internet to reach to billion of users and BRC20 integration with #USD is part of the plan. Stably aims to provide frictionless fiat-to-crypto and stablecoin transactions across blockchain networks.
Though the step of stablecoin launch over blockchain was treated as a development and chasing the competition by many. In contrast, others criticized the move considering it a violation of its inherent use case as a unit of exchange.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
