Stably is a leading provider of stablecoin-as-a-service (SCaaS) and fiat on/off-ramp infrastructure for Web3 projects. Stably USD, its US Greenback (USD)-backed stablecoin, will be released as a natively-issued BRC20 token under the symbol #USD in an effort to revolutionize the budding Bitcoin ordinals market. This ground-breaking development represents a major turning point for the rapidly expanding Bitcoin ordinals ecosystem, which has already reached a total market valuation of $500 million in less than six months.
After the most recent Taproot improvement, the Bitcoin ordinals protocol issued USD, a BRC20 common stablecoin, in January 2023. A technique known as ordinal inscriptions are used by BRC20 tokens to link data to specific “satoshis,” the smallest unit of a Bitcoin. Then, these satoshis may represent anything, from owning digital artwork to “meme cash” and even stablecoins.
According to Stably, each USD token is backed 1:1 with USD in a collateral account run by a US-regulated custodian for the benefit of token holders who have undergone KYC/AML verification. A third-party stablecoin attestor also conducts monthly inspections of the account to ensure that USD tokens are always fully collateralized with USD.
Stably’s CEO and Co-Founder Kory Hoang said, “After I met Domo, the creator of the BRC20 standard, on the Bitcoin 2023 convention in Miami, I informed him about our upcoming plans for USD.” He found it amusing and pleasant that we were creating a stablecoin for Bitcoin that would enable on-chain Bitcoin purchasing and trading. utilizing a stablecoin based on Bitcoin. In all honesty, I’m still giggling over it right now. However, we managed to make it happen in just one week after that.
The integration of BRC20 USD into the Bitcoin community is a step towards Stably’s goal of providing a smooth fiat-to-crypto and stablecoin onramp to all current and emerging blockchain networks for the next billion Web3 users. The company’s upcoming partnerships with notable ordinals and BRC20 initiatives, such as UniSat, the largest decentralized ordinals wallet/market, and Ordzaar, Asia’s first decentralized ordinals market challenge, reflect Stably’s desire to promote decentralized finance innovation and adoption on a global scale within the Bitcoin community, or “BitFi.” Additionally, Stably’s developers are investigating the brand-new ORC20 standard for Bitcoin ordinals, which, when implemented, might significantly enhance the token features of USD.
Currently, KYC-verified users throughout 200+ countries/areas, including as many as 44 US states, will be able to issue/redeem USD using Fedwire, SWIFT, USDC, and USDT. According to Stably, it is adopting a manual issuance/redemption process for the first launch of USD but intends to introduce support for automated issuance/redemption using Stably Ramp, the company’s plug-and-play fiat gateway widget, in Q3 2023. By that time, users of the USD will be able to on- and off-ramp using more traditional payment methods such as ACH, on-the-spot ACH, credit/debit cards, and bank transfers.
Established in 2018, the Seattle FinTech company employs 20+ people and is supported by major institutional and angel investors in the cryptocurrency space, including Sunny Lu of VeChain, Paul Stahura of Donuts, Inc., Arduous Yaka of CREAM Labs, Morgan Creek Capital, BEENEXT, 500 Startups, and Arduous Yaka. The company has so far secured more than $7.5 million in total capital, $5 million of which came from its last Pre-Sequence A round in December 2021. Additionally, Stably has added more than 10 emerging networks to its stablecoin natively and fiat on/off-ramp, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Concord, Polymesh, Coreum, ICON, and Chia Community.
