The Stably team launched a stablecoin on the Bitcoin network in the form of the BRC-20 token. This is a new piece to the fledgling Bitcoin DeFi ecosystem.
The new stablecoin is called Stably USD forks a BRC-20 token, a new NFT within the Bitcoin network.
The new token takes advantage of Ordinals technology, a protocol that allows assets such as non-fungible tokens (NFTs) to be created on the blockchain.
It should be noted that the Ordinals were launched at the beginning of 2023. Through them, in each satoshi, the smallest denomination of Bitcoin, NFTs can be registered.
The Stably team aims to make their stablecoin a go-to currency for the growing group of users who transact and build on Bitcoin.
The startup says its token can make trading Ordinals cheaper and more efficient than paying with fiat currency, or even Bitcoin.
Each Stably USD is backed 1 to 1 with US dollar reserves held by a US regulated custodian.
Stably USD, or simply #USD, officially launched on May 22, with a peak supply of 69,420,000,000,000 tokens, a technical post from the project shows.
Founded in 2018, the company already owns Ethereum-based StableUSD (USDS), has fewer than 800 holders and a market capitalization of just $264,000, well behind that of market leaders Tether and USDC.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
