Stably, a provider of Web3 payment infrastructure and stablecoin-as-a-service, has announced the launch of StablyUSD, a USD stablecoin, hashtagged #USD, on the Bitcoinnetwork.
The new stablecoin is built on top of the Bitcoin Ordinals protocol and follows the BRC20 standard. Each #USD token is backed 1:1 by USD held in a US regulated escrow account, KYC/AML verified for the benefit of token holders.
Monthly reporting of the account is done by a 3rd party stablecoin attestor to ensure full USD collateralization of #USD tokens.
Currently, #USD can be issued/redeemed via Fedwire, SWIFT, USDC and USDT by KYC verified users from over 200 countries, including up to 44 US states.
Stably initially implemented a manual issuance/redemption process for #USD, but plans to introduce support for automated issuance/redemption via Stably Ramp, the company’s plug-and-play fiat gateway tool, in Q3 2023.
With upcoming enhancements, #USD users will be able to use more traditional payment methods such as ACH, instant ACH, credit/debit cards, and bank wires.
Stably’s launch of StablyUSD on the Bitcoin network marks a major milestone in the stablecoin space and further strengthens the growing digital currency ecosystem. By harnessing the power of the Bitcoin network, Stably aims to provide users around the world with a safe and secure USD-backed stablecoin option.
The launch of StablyUSD addresses the growing demand for stablecoins that offer stability, security, and compliance with regulatory standards.
As the popularity of cryptocurrencies continues to rise, the need for stable value tokens has become critical, allowing users to seamlessly trade and store value without the volatility associated with other digital assets.
Stably chose to leverage the Bitcoin network to launch StablyUSD, underscoring the network’s robust infrastructure and widespread adoption within the cryptocurrency community.
Bitcoin’s proven track record in security and decentralization provides StablyUSD with a solid foundation, ensuring trust and confidence among users.
The team at Stably is committed to maintaining a high level of transparency and accountability for StablyUSD. Through regular third-party audits and reports, they aim to provide users with assurance that each #USD token is fully backed by USD, as claimed.
With the launch of StablyUSD on the Bitcoin network, Stably envisions a future where stablecoins play a pivotal role across industries ranging from e-commerce, remittances, decentralized finance (DeFi), and more.
StablyUSD’s seamless integration with existing financial infrastructure provides users with a familiar and easy-to-use way to participate in digital assets while minimizing friction and uncertainty.
Going forward, Stably plans to continue expanding its services and partnerships to drive adoption of StablyUSD and further enhance the stability and utility of the digital currency ecosystem.
As the demand for stablecoins continues to surge, Stably aims to be at the forefront of innovation, providing reliable solutions to meet the changing needs of individuals, businesses and institutions.