{"id":5146,"date":"2023-05-28T22:28:24","date_gmt":"2023-05-29T02:28:24","guid":{"rendered":"http:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/"},"modified":"2023-05-28T22:28:24","modified_gmt":"2023-05-29T02:28:24","slug":"stably-launches-bitcoins-first-brc-20-stablecoin","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/","title":{"rendered":"Stably Launches Bitcoin’s First BRC-20 Stablecoin"},"content":{"rendered":"


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Stably \u2013 a stablecoin-as-a-service provider and fiat to crypto on-ramp \u2013 has launched the first-ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain.\u00a0<\/span><\/p>\n

The token, Stably USD ($USD) is based on the emerging BRC-20 token standard around which many Bitcoin-based memecoins popularized earlier this month.\u00a0<\/span><\/p>\n

Stably USD and the Meme Economy<\/h2>\n

Per a <\/span>tweet<\/span> from Stably on Thursday, Stably USD is redeemable 1 to 1 for USD collateral managed by its custodian, Prime Trust, at FDIC-insured banks. The custodian is subject to external audits by The Network Firm, a digital asset accounting group, to ensure that circulating tokens are always backed 1 to 1.<\/span><\/p>\n

The token may be issued and redeemed through dollar transfers over Fedwire and SWIFT, or through rival stablecoin transfers including Circle\u2019s USDC, or Tether\u2019s USDT. Direct issuance is available to KYC-verified users across 200 countries, including 44 U.S. states.\u00a0<\/span><\/p>\n

The top two stablecoins alone account for a $110 billion+ market cap, but neither of their issuers has announced compatibility with Bitcoin yet. As of May 24, Stably USD\u2019s market cap was just $101,000, but the token\u2019s total supply \u2013 including non-circulating coins \u2013 is humorously designed to be 69,420,000,000,000.\u00a0<\/span><\/p>\n

The meme number is reflective of the market upheld by the <\/span>BRC-20 token standard<\/span>, which was overwhelmingly used to launch speculative memecoins when it rose to prominence in early May. According to brc-20.io, tokens like ordi, piza, pepe, and others have created a cumulative BRC-20 market cap of over $447 million so far.\u00a0<\/span><\/p>\n

BRC-20 is an experimental standard for issuing fungible assets using Bitcoin <\/span>Ordinals<\/span>. The latter protocol exploded in popularity earlier this year as a method of issuing non-fungible tokens (NFTs) on Bitcoin, and has already turned Bitcoin into the second most popular blockchain for such assets, according to sales data from <\/span>Cryptoslam<\/span>.\u00a0<\/span><\/p>\n

Stablecoins on Bitcoin<\/h2>\n

Stably co-founder and CEO, Kory Hoang, said in a press release that he met the creator of BRC-20, Domo, at the Bitcoin 2023 conference in Miami, and told him about his stablecoin plans.\u00a0<\/span><\/p>\n

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\u201cHe thought it was great and funny how we are creating a stablecoin on Bitcoin to enable Bitcoin trading on-chain\u2026 With a stablecoin built on Bitcoin,\u201d said Hoang. \u201cI\u2019m still chuckling about it to this day, actually.\u201d<\/span><\/p>\n<\/blockquote>\n

In the Ethereum ecosystem, stablecoins are largely used to empower decentralized finance, providing the backbone for trading dollars through blockchain smart contracts for other crypto assets. However, a <\/span>report<\/span> from Bitfinex earlier this month noted that BRC-20 doesn\u2019t support smart contracts, making the use case for Bitcoin-based stablecoins and tokens more limited.\u00a0<\/span><\/p>\n

When unveiling the token standard, Domo even <\/span>admitted<\/span> that issuing assets on Bitcoin is not a novel idea, and that <\/span>Taro<\/span> \u2013 a lightning network-based alternative \u2013 is \u201cunequivocally a better solution.\u201d<\/span><\/p>\n

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Stably \u2013 a stablecoin-as-a-service provider and fiat to crypto on-ramp \u2013 has launched the first-ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain.\u00a0 The token, Stably USD ($USD) is based on the emerging BRC-20 token standard around which many Bitcoin-based memecoins popularized earlier this month.\u00a0 Stably USD and the Meme Economy Per a tweet from […]<\/p>\n","protected":false},"author":1,"featured_media":4844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"yoast_head":"\nStably Launches Bitcoin's First BRC-20 Stablecoin - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stably Launches Bitcoin's First BRC-20 Stablecoin\" \/>\n<meta property=\"og:description\" content=\"Stably \u2013 a stablecoin-as-a-service provider and fiat to crypto on-ramp \u2013 has launched the first-ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain.\u00a0 The token, Stably USD ($USD) is based on the emerging BRC-20 token standard around which many Bitcoin-based memecoins popularized earlier this month.\u00a0 Stably USD and the Meme Economy Per a tweet from […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/\" \/>\n<meta property=\"og:site_name\" content=\"Leading Crypto News\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-29T02:28:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2023\/05\/ChatGPT-Predicts-8-Things-That-Will-Happen-to-Crypto-By.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1201\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"LCN-Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"LCN-Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/\"},\"author\":{\"name\":\"LCN-Admin\",\"@id\":\"https:\/\/leadingcryptonews.com\/#\/schema\/person\/a303f33566761f963a7c3c0cde394e30\"},\"headline\":\"Stably Launches Bitcoin’s First BRC-20 Stablecoin\",\"datePublished\":\"2023-05-29T02:28:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/\"},\"wordCount\":497,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/leadingcryptonews.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2023\/05\/ChatGPT-Predicts-8-Things-That-Will-Happen-to-Crypto-By.jpg\",\"articleSection\":[\"Bitcoin\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/\",\"url\":\"https:\/\/leadingcryptonews.com\/stably-launches-bitcoins-first-brc-20-stablecoin\/\",\"name\":\"Stably Launches Bitcoin's First BRC-20 Stablecoin - 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