Stably, a venture-backed Fintech from Seattle, is keen to announce the launch of its native stablecoin, Stably USD.
Stably USD is a BRC20 token under the symbol #USD. The stablecoin is created through Bitcoin ordinals protocols introduced in January 2023 following the Taproot upgrade. According to the Stably team, each #USD token is backed by the US dollar at the ratio of 1:1. Stably will reportedly hold the US amount -regulated custodian in a collateral account which a third-party stablecoin attestor will monitor to ensure that the #USD tokens are fully collateralized with the dollar.
Stably’s mission is to power the next billion Web3 users with a cheaper, faster, and more secure fiat-to-crypto gateway and vice versa to all popular blockchains and digital assets. Integrating #USD into the Bitcoin network will help Stably with this mission.
While commenting on the launch, Kory Hoang, Stably’s CEO, and Co-Founder, stated:
“When I met Domo, the creator of the BRC20 standard, at the Bitcoin 2023 conference in Miami, I told him about our upcoming plans for #USD. 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. I’m still chuckling about it to this day, actually. In just one week after that, however, we made it happen!”
KYC-verified users across over 200 countries can redeem or get #USD tokens with SWIFT, Fedwire, USDC, and USDT. Currently, the team behind the project is employing a manual process for insurance and redemption for the initial token launch. However, in the coming days, the team will shift to an automatic process through its Stably Ramp widget set to be released in the Q3 of 2023.
Stably plans to form strategic partnerships with prominent ordinals and BRC20 projects, including UniSat and Ordzaar. UniSat is a decentralized marketplace or wallet for ordinals, while Ordzaar is Asia’s first decentralized ordinal market. In addition, Stably’s development team is exploring the new ORC20 standard for Bitcoin ordinals. This could reportedly increase #USD properties in the coming days.
Stably has been serving as a Web3 payment infrastructure provider since 2018 with the backing of major players in the industry, including BEENEX, Morgan Creek Capital, 500 Startups, CREAM Labs, Hard Yaka, and more. The project has raised over $7.5 million and expanded its fiat on/off ramp and stablecoin natively to over ten emerging networks.