Exciting news for Bitcoin’s growing on-chain economy! A new stablecoin called Stably USD has been introduced. It’s backed by the U.S. dollar and designed to support efficient trading within the Bitcoin network.
The issuing company, Stably, expects their token to become a popular choice among traders who want to take part in the increasing variety of assets available on the Bitcoin platform.
According to the company, their stablecoin offers a way to trade that is more affordable and efficient compared to using traditional currencies or even Bitcoin directly.
https://twitter.com/Stably_Official/status/1660761893831692290?s=20
Since its introduction in January, the ordinals platform on Bitcoin, which was initially created to “inscribe” non-fungible tokens (NFTs) on the smallest unit of Bitcoin called a satoshi, has experienced significant growth and development.
Also Read This Related: Circle Introduces Euro-Based Stablecoin on Avalanche Blockchain
The platform has now expanded beyond NFTs and has become a versatile tool for creating various types of tokens, including Stably USD. The introduction of this new token, known as “BRC-20,” has the potential to streamline trading across all types of tokens on the platform if it becomes widely adopted.
At present, traders on the ordinals platform have two options: they can use stable fiat currency, which involves fees, or they can use Bitcoin, which is prone to price fluctuations but easily accessible. Stably’s stablecoin is presented as a solution to address both of these concerns by offering stability and on-chain accessibility to traders.
Stably has announced that the fiat currency supporting Stably USD is held by Prime Trust. Users who want to exchange their stablecoins for the equivalent dollar value will need to go through a process called “know your customer” (KYC) and anti-money laundering (AML) verification.
In order for the new stablecoin from Stably to achieve long-term success, it needs to perform better than their previous stablecoin called StableUSD (USDS) in the Ethereum ecosystem. Currently, StableUSD has only 752 holders and a market capitalization of $264,000, making it relatively insignificant when compared to market leaders such as Tether and USDC.
Stably, on the other hand, holds a positive outlook regarding the potential of its stablecoin to gain a stronger foothold in the ordinals market. When the token was introduced on May 22, it was assigned a maximum supply of 69,420,000,000,000 units.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
