BRC-20 standard stablecoin
Stably, a US provider of Web 3.0 payment infrastructure, announced on the 25th that it will start offering a US dollar-denominated stablecoin “Stably USD” on the Bitcoin network. Created with the Bitcoin blockchain token standard “BRC-20”, the ticker symbol is “#USD”.
Stably is thrilled to announce that we have launched the world’s first US Dollar #stablecoin on the #Bitcoin network. #USDa groundbreaking #BRC20 token implemented through the Bitcoin #Ordinals Protocol 🎉#USD is backed and redeemable 1-to-1 for USD collateral… pic.twitter.com/cpsDul0uzr
— Stably (@Stably_Official) May 25, 2023
BRC-20 is an experimental token standard introduced in March 2023 by an anonymous developer named “Domo” and utilizes the Ordinals protocol. Satoshi, the smallest unit of Bitcoin, can be “engraved” with specific data to create a unique digital asset, and it is characterized by the ability to create various types of tokens, from digital art to meme coins and stable coins. is.
BRC-20 takes its name from Ethereum’s ERC-20 token standard, but does not have smart contract functionality.
Stably said the launch of #USD is a milestone for the rapidly developing but still developing (dawn) Ordinals ecosystem, and decentralized finance (DeFi) on Bitcoin = “BitFi”. It claims to accelerate growth and adoption.
What is Ordinals
Ordinals is a system that assigns a unique number to Satoshi, the smallest unit of Bitcoin, and tracks them. Introduced in January 2023. Satoshi himself creates a kind of digital artifact (≒NFT) with a special value through the method of “imprinting” specific data on each individual Satoshi.
▶️Cryptocurrency Glossary
connection:Meme Coin Overheated, Bitcoin Token Standard “BRC-20” Market Expands Rapidly
# USD token backing and available regions
According to Stably, all #USD tokens are backed 1:1 to the value of the US dollar in a collateral account managed by US-regulated custodian Prime Trust. The account’s holdings will be audited monthly by a third-party certification authority to ensure that tokens are always fully collateralized in USD.
#USD is available in over 200 countries and territories, including 44 US states. Verified users can redeem via Fedwire and SWIFT in fiat currency or stablecoins USDC and USDT. For the time being, the #USD issuance and redemption process will be manual, but in the third quarter of this year, Stably Ramp, the company’s fiat currency and cryptocurrency purchase vehicle, will support automatic issuance and redemption. To be released.
With this upcoming upgrade, #USD users will be able to use payment methods such as US remittance network ACH remittances, credit and debit cards, and bank transfers.
the next deployment
In the future, Stably plans to collaborate with prominent projects such as Unisat, a decentralized wallet for BRC-20, and Ordzaar, the first Ordinals market project in Asia.
The company also said it is exploring a new “ORC-20” standard for Bitcoin Ordinals, which, if implemented, would greatly improve the properties of the #USD token.
Stably aims to foster global innovation and adoption of BitFi. The company’s mission is to help the “next billion” Web3 users by providing a compliant payment infrastructure in the blockchain ecosystem.
connection:Major Exchange OKX Partners with Unisat to Establish Trading Environment for Bitcoin Token Standard “BRC-20”
