2023-05-29
Stable, a Stablecoin-as-a-Service provider and
fiat-to-crypto on-ramp, has announced the launch of a Stablecoin directly on
the Bitcoin blockchain. The Stablecoin, called Stably USD ($USD), is based on
the newly introduced BRC-20 token standard, which gained popularity earlier
this month.
Ref: Stably on Twitter
According to a tweet from Stably, the Stably USD token
can be exchanged 1:1 for US dollars held and managed by Prime Trust, a
depositary institution with FDIC insurance. The custodian is externally audited
by The Network Firm, a digital asset account group, to ensure that the
circulating tokens are always fully backed at a 1:1 ratio.
The tokens can be issued and redeemed through either Fedwire
and SWIFT transfers of US dollars or through the transfer of Stablecoin tokens
from competing pairs such as Circle's USDC or Tether's USDT. Direct issuance is
available to users who have completed KYC verification in 200 countries,
including 44 states in the United States.
The BRC-20 token standard is a widely popular asset
issuance standard that allows for fungible asset representation using Bitcoin
Ordinals. It has gained significant traction as a non-fungible token (NFT)
issuance method on Bitcoin, making it the second most popular blockchain
according to sales data from Cryptoslam.
Kory Hoang, co-founder and CEO of Stably, mentioned in
a press release that he met with the creator of BRC-20, Domo, at the Bitcoin
2023 conference in Miami and shared his plans for the Stablecoin.
“He thought it was great and funny how we are creating a stablecoin on Bitcoin to enable Bitcoin trading on-chain… With a stablecoin built on Bitcoin,” said Hoang. “I’m still chuckling about it to this day, actually.”
Related to this announcement How to buy and sell BRC20 #USD | Stably Help Center
Photo credit: Link
