In short: Stably, a stablecoin-as-a-service provider and fiat to crypto on-ramp, has launched the first ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain. The Stably USD ($USD) token is based on the emerging BRC-20 token standard which is used for Bitcoin-based memecoins. The token can be redeemed for USD collateral managed by Prime Trust, and it's subject to external audits by The Network Firm. The token can be issued and redeemed through dollar transfers over Fedwire and SWIFT, and KYC-verified users across 200 countries, including 44 U.S. states, can conduct direct issuance.
Our quick analysis:
Are you tired of the volatility of cryptocurrencies but still want to enjoy the benefits of blockchain technology? Look no further than Stably USD ($USD), the first-ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain.
Stably – the stablecoin-as-a-service provider and fiat to crypto on-ramp – has partnered with Prime Trust, a custodian that manages USD collateral at FDIC-insured banks. This ensures that Stably USD is always backed 1 to 1 by USD collateral and is subject to external audits by The Network Firm, a digital asset accounting group.
But what makes Stably USD unique? For starters, it's based on the emerging BRC-20 token standard, which was overwhelmingly used to launch speculative memecoins like ordi, piza, and pepe earlier this month. Stably USD's total supply is humorously designed to be 69,420,000,000,000, reflecting the market upheld by the BRC-20 token standard.
While stablecoins are largely used to empower decentralized finance in the Ethereum ecosystem, Stably co-founder and CEO Kory Hoang sees the potential for Bitcoin-based stablecoins. "With a stablecoin built on Bitcoin, we're enabling Bitcoin trading on-chain," he said.
While it's true that BRC-20 doesn't support smart contracts like the Ethereum blockchain, the use case for Bitcoin-based stablecoins and tokens shouldn't be dismissed. And with a market cap of over $110 billion, stablecoins are dominating the crypto world. Who knows? Maybe Stably USD will shake things up and become the next big thing.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Are you tired of the volatility of cryptocurrencies but still want to enjoy the benefits of blockchain technology? Look no further than Stably USD ($USD), the first-ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain.
Stably – the stablecoin-as-a-service provider and fiat to crypto on-ramp – has partnered with Prime Trust, a custodian that manages USD collateral at FDIC-insured banks. This ensures that Stably USD is always backed 1 to 1 by USD collateral and is subject to external audits by The Network Firm, a digital asset accounting group.
But what makes Stably USD unique? For starters, it's based on the emerging BRC-20 token standard, which was overwhelmingly used to launch speculative memecoins like ordi, piza, and pepe earlier this month. Stably USD's total supply is humorously designed to be 69,420,000,000,000, reflecting the market upheld by the BRC-20 token standard.
While stablecoins are largely used to empower decentralized finance in the Ethereum ecosystem, Stably co-founder and CEO Kory Hoang sees the potential for Bitcoin-based stablecoins. "With a stablecoin built on Bitcoin, we're enabling Bitcoin trading on-chain," he said.
While it's true that BRC-20 doesn't support smart contracts like the Ethereum blockchain, the use case for Bitcoin-based stablecoins and tokens shouldn't be dismissed. And with a market cap of over $110 billion, stablecoins are dominating the crypto world. Who knows? Maybe Stably USD will shake things up and become the next big thing.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!