Bitcoin will launch its first USD-pegged stablecoin soon
Stablecoin-as-a-service (SCaaS) provider Stably has introduced Stably USD, the first USD-backed stablecoin on the Bitcoin network.
The Bitcoin BTC blockchain had record-breaking network traffic in May 2023. Data from Glassnode showed that daily transactions increased to previously unheard-of heights, reaching an all-time high of 682,099 on May 1.
The transactions powered by the Bitcoin Ordinals protocol were the main cause of the increase in network load. And now BRC-20 tokens are being minted using them. But the most recent BRC-20 cryptocurrency may transform the Ordinals market and, by extension, the Bitcoin network.
Bitcoin introduces stablecoin
The first USD-backed stablecoin on the Bitcoin blockchain, Stably USD, has been launched by stablecoin-as-a-service (SCaaS) provider Stably.
In essence, the BRC-20 token seeks to establish itself as traders' preferred method of payment when exchanging Ordinals and other BRC-20 assets. #USD is used to indicate it. The #USD has the ability to ease trade by enabling low-friction on-ramping/off-ramping services and maintaining a constant value.
Each and every #USD token has a 1:1 backing of USD that is maintained in a collateral account. The KYC/AML-verified token holders' accounts are handled by a custodian that is subject to U.S. regulatory oversight.
Fedwire, SWIFT, USDC, and USDT are just a few of the venues where KYC-verified users from more than 200 different nations and regions may issue or redeem #USD. The stablecoin's maximum supply would also be 69.42 trillion.
According to Dune, there were more than 9 million Ordinals inscriptions in existence at the time of writing, 6.5 million of which—or around 70%—were produced in May.
Additionally, the majority of trade on the Bitcoin network was done with Ordinals. Another Dune dashboard showed that the trading of Ordinals contributed to 30% of the total fees paid by miners in the previous 24 hours.
The Ordinals craze has propelled Bitcoin over well-known exchanges like Solana [SOL] and Polygon [MATIC] to become the second-largest network for trading NFTs.
Data from Cryptoslam shows that over $22 million worth of Bitcoin transactions have taken place in the previous seven days. In addition, a total of 24,677 BRC-20 tokens with a $447 million market worth were produced.
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