What is Stably USD? How it will utilize the nascent Bitcoin ordinals market and cater to the rapidly expanding ecosystem?
What is Stably USD ?
Stably, a Stablecoin-as-a-Service (SCaaS) provider and fiat on/off-ramp infrastructure provider for Web3 projects founded in 2018.
It has launched the stablecoin Stably USD (#USD) as a BRC20 token.
This move by Stably is set to utilize the nascent Bitcoin ordinals market and cater to the rapidly expanding ecosystem.
#USD is a BRC20 standard stablecoin created via the Bitcoin ordinals protocol which was introduced in January 2023.
After the recent Taproot upgrade, BRC20 tokens use a technique called ordinal inscriptions to attach data to individual “satoshis”, the smallest unit of Bitcoin.
These satoshis can then represent anything from digital art ownership to “meme coins” and even stablecoins.
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Primarily, Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle.
The company specializes in provioding stablecoins and fiat /crypto on/off ramps to users of Web3 applications.
Growth of Bitcoin Ordinals System- Stably USD
This groundbreaking development of the issuance of the BRC20 token marks a critical milestone in the exponentially growing Bitcoin ordinals ecosystem that is now reaching half a billion dollars in total market capitalization in less than six months.
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Who is the Founder of Stably USD?
CEO and co-founder of Stably are Kory Hoang. He told that “the newly released ORC20 [open standard for ordinal tokens] standard.
Which is also built on Bitcoin ordinals and the BRC20 standard, and aims to enhance the security and flexibility of BRC20.
As well as allow BRC20 assets to migrate to ORC20. Coupled with the exponential growth of ordinals during the first half of 2023.
Along with, the possibility of drive chain ‘emulators’ being implemented on Bitcoin, positive sentiments on the future prospect of BitFi are rising globally.
BitFi, or decentralized finance on the Bitcoin network, supports the Bitcoin Ordinals protocol that was introduced earlier this year after the Taproot upgrade.
BRC20 tokens employ ordinal inscriptions to associate data with individual satoshis, or the smallest unit of Bitcoin.
This feature allows satoshis to represent various assets, including digital art, meme coins, and stablecoins.
Hoang further stated: “Natively-issued BRC20 stablecoins are needed now more than ever to help catalyze the development and adoption of BitFi applications.
Just as they have helped DeFi applications on Ethereum and other blockchains.”
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Who can Buy BRC20?
As a native-issued BRC20 token on the Bitcoin ordinals network, KYC-verified users across 200+ countries/regions, with coverage extending to 44 US states can buy #USD with Fedwire, SWIFT, USDC, and USDT.
Monthly audits are conducted to ensure the amount of #USD is collateralized with USD on a 1-1 ratio.
What are the Goals of Stably USD?
Stably’s mission is to power this decade’s next billion Web3 users with regulatory -compliant payment infrastructure across both developed and emerging blockchain ecosystems.
While the stablecoin’s initial launch involves a manual issuance and redemption process, Stably has plans to introduce support for automatic issuance and redemption through Stably Ramp.
Most important is integration of BRC20 #USD into the Bitcoin network is part of Stably’s mission to power the next billion Web3 users with a seamless fiat-to-crypto and stablecoin onramp to all popular and emerging blockchain networks.
The company’s upcoming collaboration with prominent ordinals and BRC20 projects, including UniSat . Which is the world’s largest decentralized wallet /marketplace for ordinals.
Ordzaar Which is Asia’s first decentralized ordinals marketplace project,reflect Stably’s aspiration to drive global innovation and adoption toward decentralized finance on the Bitcoin network or “BitFi”.
Additionally, Stably’s engineers are now exploring the new ORC20 standard for Bitcoin ordinals. Which could significantly enhance the token properties of #USD once implemented.
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Who is behind Stably USD?
Founded in 2018, the 20+ team memeber Seattle Fin Tech is backed by leading institutional and angel investors in the crypto space.
For example, Morgan Creek Capital, BEENNEXT,500 Startups,Hard Yaka,CREAM Labs, Sunny Lu of VeChain, and Paul Stahura of Donuts Inc.
The company has raised over $7.5million of which was collected during its last Pre-series A round in December 2021.
Stably has also expanded its first on/off -ramp and stablecoin natively to more than ten emerging networks, including Arbitrum,XRP Ledger,Steller,Trezos,VeChain Thor ,Harmony,Polymesh,Coreum,ICON ,and Chia Network.
Launch of Stably USD
The initial launch of Stably USD on Polymesh facilitates the on-chain trading of assets that may now be quoted upon and traded in USD-denominated prices rather than solely in volatile cryptocurrency prices.
Or swap it for other digital assets, including USDC, USDT, BTC, ETH, and more.
What is Stably Ramp?
The company’s plug-and-play fiat gateway widget, in Q3 2023. This upcoming upgrade will enable users of #USD to seamlessly conduct on/off-ramping using more traditional payment methods.
Stably Ramp welcomes Entity/Business users! Corporations, institutions, and businesses can now participate in the rapidly expanding asset tokenization category with #StablyRamp.
$ADA is now listed on #StablyRamp!
How does USDS stay at $1?
First, USDS is a stablecoin designed to be pegged one-to-one with USD (USD=$1 USD).
Second, this ratio is guaranteed whenever you want to purchase or redeem aUSDS directly with Stably,. Because Stably holds a one-to-one reserve of USD against all issued USDS in the market.
On the open market (e.g. on exchanges such as Binance), this ratio may not be one-to-one, due to various market forces such as demand and available liquidity.
Please be cautious if/when the price deviates from this ratio.
The biggest and most obvious problem with using popular cryptocurrencies, like Bitcoin, for transactional purposes, at the moment, is price volatility.
Stably USD (USDS) virtually eliminates this price volatility, while still retaining many useful characteristics of cryptos that are fast transaction speed, anonymity, and immutability.
Stably recognizes that a fiat-backed stablecoin requires a high standard of public transparency for consumers and businesses to build trust.
The bottom line is, Stably is a venture-capital-backed startup that is on a mission to connect wealth from the real world to the blockchain economy and help bring stability to the volatile crypto market.
Today’s price is US$1.03 with a 24-hour trading volume of $N/A, which is _0.00% in the last 24 hours and has a circulating supply of 461.968.
Stably is a venture-capital-backed startup that is on a mission to connect wealth from the real world to the blockchain economy. And help bring stability to the volatile crypto market.
USDC is always redeemable 1:1 for U.S. dollars. USDC reserves are held in the management and custody of leading U.S. financial institutions, including Black Rock and BNY Mellon.
Binance or Coinbase Wallet.
USD Coin (USDC) is the safest overall stablecoin because it is fully backed 1:1 and regulated in New York. In addition, it has the most rigorous auditing and licensing requirements in the U.S.