Stablecoin-as-a-Service (SCaaS) provider Stably has unveiled Stably USD (#USD), the first stablecoin operating on the Bitcoin network, according to a May 25 press release.
The move introduces #USD as a native BRC20 token to the Bitcoin blockchain. It is an expansion of the Bitcoin Ordinals ecosystem, which was made possible by the network’s Taproot upgrade in November 2021.
Stably is a Seattle-based fintech firm that provides fiat on/off-ramp infrastructure for Web3 projects.
It is backed by several notable investors, including Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, CREAM Labs, Sunny Lu of VeChain, and Paul Stahura of Donuts, Inc.
BRC-20 tokens take center stage
BRC-20 tokens utilize a mechanism known as ordinal inscriptions to append data to individual satoshis, Bitcoin’s smallest unit. These satoshis are then individually identifiable and can represent a wide range of entities, including NFTs and, now, stablecoins.
The lack of stablecoin functionality has bee
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