Stably Unveils BRC-20 Stablecoin
Crypto startup Stably has unveiled Stably USD, a dollar-backed stablecoin aimed at transforming trading within Bitcoin’s thriving on-chain economy. The company asserts that its stablecoin offers a more cost-effective and efficient trading experience compared to fiat or Bitcoin itself.
On this page
The launch of this new “BRC-20” token holds potential for streamlining trading across all Ordinals. Currently, Ordinals traders face the choice of paying conversion fees for stable fiat currency or dealing with Bitcoin’s volatility. Stably aims to tackle these challenges by providing a stable value accessible on-chain.
According to Stably’s company documents, Stably USD’s fiat backing is secured with Prime Trust. To redeem their stablecoins for the underlying dollar value, users will need to undergo a KYC and AML process.
The long-term viability of Stably’s bitcoin-linked stablecoin relies heavily on its success. Notably, Stably’s stablecoin in the Ethereum ecosystem, called StableUSD (USDS), currently boasts a modest user base of 752 holders and a market cap of $264,000, as per etherscan.
Nevertheless, Stably remains confident in its ability to penetrate a larger market with its ordinals stablecoin. During the token’s launch on May 22, the maximum supply was set at an intriguing 69,420,000,000,000.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
