{"id":328501,"date":"2023-05-25T18:37:32","date_gmt":"2023-05-25T17:37:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=328501"},"modified":"2023-08-04T15:22:02","modified_gmt":"2023-08-04T14:22:02","slug":"stably-introduces-usd-the-first-bitcoin-based-stablecoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/stably-introduces-usd-the-first-bitcoin-based-stablecoin\/","title":{"rendered":"Stably introduces #USD, the first Bitcoin network stablecoin"},"content":{"rendered":"

Stablecoin-as-a-Service (SCaaS) provider Stably has unveiled Stably USD (#USD), the first stablecoin operating on the Bitcoin network, according to a May 25 press release.<\/span><\/p>\n

The move introduces #USD as a native BRC20 token to the Bitcoin blockchain. It is an expansion of the Bitcoin Ordinals ecosystem, which was made possible by the network's Taproot upgrade in November 2021.<\/span><\/p>\n

Stably is a Seattle-based fintech firm that provides fiat on\/off-ramp infrastructure for Web3 projects.\u00a0<\/span><\/p>\n

It is backed by several notable investors, including Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, CREAM Labs, Sunny Lu of VeChain, and Paul Stahura of Donuts, Inc.\u00a0<\/span><\/p>\n

BRC-20 tokens take center stage<\/h2>\n

BRC-20 tokens<\/a> utilize a mechanism known as ordinal inscriptions to append data to individual satoshis, Bitcoin's smallest unit. These satoshis are then individually identifiable and can represent a wide range of entities, including NFTs and, now, stablecoins.<\/span><\/p>\n

The lack of stablecoin functionality has been a strict limitation on its functionality. DeFi markets operating on Ethereum rely heavily on stablecoins as an integral part of their ecosystems, providing a settlement unit that can be tracked against fiat markets. Until recently, Bitcoin did not have this capability.<\/span><\/p>\n

While some have hailed the Ordinals ecosystem as a liberating moment in Bitcoin's history, others have criticized<\/a> expanding Bitcoin's use case beyond that of a unit of exchange. In either case, the introduction of a stablecoin to the Bitcoin network is a watershed moment.<\/p>\n

Stably claims that each #USD token is backed one-for-one by USD held by a U.S.-regulated custodian in a collateral account for the benefit of token holders who have undergone KYC\/AML processes. It also stated that third-party attestors would conduct monthly reports to ensure that #USD tokens are always fully collateralized with USD.<\/span><\/p>\n

Stably reported that #USD can be issued and redeemed via multiple platforms like Fedwire, SWIFT, USDC, and USDT by KYC-verified users across 200+ countries\/regions, including up to 44 US states. For the initial launch of #USD, the issuance\/redemption process will be manual.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Stablecoin-as-a-Service (SCaaS) provider Stably has unveiled Stably USD (#USD), the first stablecoin operating on the Bitcoin network, according to a May 25 press release. The move introduces #USD as a native BRC20 token to the Bitcoin blockchain. It is an expansion of the Bitcoin Ordinals ecosystem, which was made possible by the network’s Taproot upgrade […]<\/p>\n","protected":false},"author":1419,"featured_media":307162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,78756,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nStably introduces #USD, the first Bitcoin network stablecoin<\/title>\n<meta name=\"description\" content=\"Mere month's after the introduction of BRC-20 tokens, the Bitcoin ecosystem is getting its first stablecoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/stably-introduces-usd-the-first-bitcoin-based-stablecoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stably 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