important point
- The first BRC20 stablecoin was launched following the new BitFi (DeFi for Bitcoin Network) technology.
- Stable US Dollar (#USD) is available in over 200 US territories and 44 states
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Stable, a Stablecoin-as-a-Service (SCaaS) provider and statutory on/off-ramp infrastructure provider for Web3 projects, founded in 2018, has launched Stablecoin Stable USD (#USD) as a BRC20 token. This move by Stable aims to capitalize on the nascent Bitcoin ordinal market and address the rapidly expanding Bitcoin ordinal market. Ecosystem.
Kory Hoang, CEO and co-founder of Stively, told Crypto Briefing, “The newly released ORC20 [open standard for ordinal tokens] This standard is also built on the Bitcoin Ordinals and the BRC20 standard and aims to enhance the security and flexibility of BRC20 and allow BRC20 assets to migrate to ORC20. A sharp increase in ordinal numbers in the first half of 2023, combined with the possibility of a DriveChain “emulator” being implemented in Bitcoin, has fueled positive sentiment around the future of BitFi. ”
BitFi (Decentralized Finance on the Bitcoin Network) supports the Bitcoin Ordinal Protocol, which was introduced earlier this year after the Taproot upgrade. BRC20 tokens use ordinal notation to associate data with individual satoshis, the smallest unit of Bitcoin. This feature will allow Satoshi to represent various assets such as digital art, memecoins, and stablecoins. Huang further stated:
“Natively issued BRC20 stablecoins are needed more than ever to facilitate the development and adoption of BitFi applications, just as they have powered DeFi applications on Ethereum and other blockchains. .”
As a natively issued BRC20 token on the Bitcoin Ordinal Network, KYC-verified users in over 200 countries/regions can now buy #USD on Fedwire, SWIFT, USDC, USDT with extended coverage to 44 US states can. A monthly audit will be conducted to ensure that the #USD amount is collateralized with the US dollar at a 1:1 ratio.
First #USD order on Unisat Marketplace
While the stablecoin’s initial launch will include a manual issuance and redemption process, Stable will launch automatic issuance and redemption via Stively Ramp, the company’s plug-and-play fiat gateway widget, in Q3 2023. We plan to introduce support for With this next upgrade, users will be able to seamlessly ramp on/off using traditional payment methods such as ACH, instant ACH, credit/debit cards, and banks with #USD. wire.