{"id":316237,"date":"2023-05-26T15:00:12","date_gmt":"2023-05-26T09:30:12","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=316237"},"modified":"2023-05-26T12:45:35","modified_gmt":"2023-05-26T07:15:35","slug":"bitcoin-to-launch-its-first-usd-pegged-stablecoin-details-here","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-to-launch-its-first-usd-pegged-stablecoin-details-here\/","title":{"rendered":"Bitcoin to launch its first USD-pegged stablecoin, details here"},"content":{"rendered":"<ul>\n<li><em>A total of 24,677 BRC-20 tokens minted with a market cap of $447 million.<\/em><\/li>\n<li><em>The total number of Ordinals inscriptions broke past 9 million at the time of writing.<\/em><\/li>\n<\/ul>\n<p>May of 2023 proved to be a record-breaking month for network traffic on the Bitcoin [BTC] blockchain. Daily transactions shot up to unprecedented levels, with the count on 1 May touching an all-time high of 682,099, data from Glassnode revealed.<a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/glassnode-studio_bitcoin-number-of-transactions-2.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-316255\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/glassnode-studio_bitcoin-number-of-transactions-2.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/glassnode-studio_bitcoin-number-of-transactions-2.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/glassnode-studio_bitcoin-number-of-transactions-2-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/glassnode-studio_bitcoin-number-of-transactions-2-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/glassnode-studio_bitcoin-number-of-transactions-2-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/glassnode-studio_bitcoin-number-of-transactions-2-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p>The primary reason behind the rise in network traffic was the transactions driven by the Bitcoin Ordinals protocol. And they are now being used to mint BRC-20 tokens.<\/p>\n<p>The latest BRC-20 token though, could prove to be a game changer for the Ordinals landscape and, consequently the Bitcoin network.<\/p>\n<h4>Stablecoin makes debut on Bitcoin<\/h4>\n<p>Stablecoin-as-a-Service (SCaaS) provider Stably announced the launch of Stably USD, the first USD-backed stablecoin on the Bitcoin blockchain.<\/p>\n<p>Basically, the BRC-20 token aims to become the preferred mode of payment for traders transacting Ordinals and other BRC-20 assets. It is denoted by the sign #USD.<\/p>\n<p>By facilitating low-friction on-ramping\/off-ramping services and retaining a stable value, #USD has the potential to make trading smooth and easier.<\/p>\n<p>Every #USD token is backed 1:1 by USD kept in a collateral account. The account is managed by a U.S.-regulated custodian for the benefit of KYC\/AML-verified token holders.<\/p>\n<p>#USD can be issued\/redeemed via multiple platforms like Fedwire, SWIFT, USDC, and USDT by KYC-verified users across 200+ countries\/regions.<\/p>\n<p>Additionally, the maximum supply of the stablecoin would be 69.42 trillion.<\/p>\n<h4>Ordinals refuse to lose steam<\/h4>\n<p>As per <a href=\"https:\/\/dune.com\/dgtl_assets\/bitcoin-ordinals-analysis\" target=\"_blank\" rel=\"noopener\">Dune<\/a>, the total number of Ordinals inscriptions went beyond 9 million at the time of writing, with a staggering 6.5 million, or about 70% of them, getting minted in May.<\/p>\n<p>Furthermore, Ordinals accounted for bulk of the trading on the Bitcoin network. Another <a href=\"https:\/\/dune.com\/queries\/2066333\/3416555\" target=\"_blank\" rel=\"noopener external noreferrer nofollow\" data-wpel-link=\"external\">Dune<\/a> dashboard highlighted that out of the total fees collected by miners in the last 24 hours, Ordinals trading accounted for 30%.<\/p>\n<figure id=\"attachment_316275\" aria-describedby=\"caption-attachment-316275\" style=\"width: 668px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ordinals.jpg\"><img decoding=\"async\" class=\"size-full wp-image-316275\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ordinals.jpg\" alt=\"\" width=\"668\" height=\"402\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ordinals.jpg 668w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ordinals-300x181.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ordinals-590x354.jpg 590w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ordinals-400x240.jpg 400w\" sizes=\"(max-width: 668px) 100vw, 668px\" \/><\/a><figcaption id=\"caption-attachment-316275\" class=\"wp-caption-text\">Source: Dune<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>The Ordinals frenzy has catapulted Bitcoin to become the second-largest chain for trading NFTs, eclipsing big names like Solana [SOL] and Polygon [MATIC].<\/p>\n<p>According to data from <a href=\"https:\/\/www.cryptoslam.io\/\" target=\"_blank\" rel=\"noopener\">Cryptoslam<\/a>, sales worth more than $22 million were executed on Bitcoin in the last seven days. Besides this, a total of 24,677 BRC-20 tokens were <a href=\"https:\/\/brc-20.io\/\" target=\"_blank\" rel=\"noopener\">created<\/a> with a market cap of $447 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stably announced the launch of the world&#8217;s first U.S. Dollar-backed stablecoin on the Bitcoin network.<\/p>\n","protected":false},"author":70,"featured_media":316249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-316237","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin to launch its first USD-pegged stablecoin, details here - 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