Stable – a stablecoin-as-a-service and fiat to crypto on-ramp provider – has launched the first dollar-pegged stablecoin issued directly on the Bitcoin blockchain.
The Stably USD ($USD) token is based on the emerging BRC-20 token standard. which was a popular coin earlier this month.
followTweetAccording to Stably, Stably USD can be traded 1 to 1 for USD collateral managed by Prime Trust, a custodian at a bank insured by the FDIC whose custodian is subject to external audit by The Network Firm, a group of digital asset accounts. This ensures that circulating tokens are always backed up 1 to 1.
Tokens may be issued and redeemed via Fedwire and SWIFT dollar transfers or via competitive stablecoin transfers such as Circle’s USDC or Tether’s USDT. Direct issuance is available to KYC verified users in 200 countries incl. to 44 US states
BRC-20 is the standard for issuing interchangeable assets based on Bitcoin. Ordinals with immense popularity As a method of issuing non-fungible tokens (NFT) on Bitcoin, it has turned Bitcoin into the second most popular blockchain according to sales data from Bitcoin. Cryptoslam
Stably co-founder and CEO Kory Hoang said in a press release: He met the creator of the BRC-20, Domo, at the Bitcoin 2023 conference in Miami and told him about his stablecoin plans.
“He thought it was cool and fun for us to build a stablecoin on Bitcoin so that Bitcoin could be traded on the network … with a stablecoin built on Bitcoin,” Hoang said. “I still laugh about it to this day.”
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