The debut of StablyUSD, a USD stablecoin, has been announced in the Bitcoin community by Stably, a provider of Web3 cost infrastructure and stablecoin-as-a-service. The new stablecoin adheres to the BRC20 standard and is built on top of the Bitcoin Ordinals protocol. To the benefit of token holders, every #USD token is backed 1:1 by USD stored in a US-regulated escrow account that has undergone KYC/AML verification.
A third-party stablecoin attestor completes monthly reporting of the account to ensure full USD collateralization of the #USD tokens. Currently, KYC-approved clients from over 200 countries, including up to 44 US states, can issue or redeem #USD using Fedwire, SWIFT, USDC, and USDT.