Stably Introduces USD, the First Stablecoin on the Bitcoin Network

Seattle-based fintech firm Stably has announced the launch of USD (hashtagged as #USD), the first stablecoin operating on the Bitcoin network. This represents a significant milestone as it's the first time a stablecoin has been introduced on the Bitcoin blockchain.

Technical Details and Network Upgrade

The USD token is a native BRC20 token, and its introduction is part of an expansion of the Bitcoin Ordinals ecosystem The addition of this stablecoin was made possible due to Bitcoin’s Taproot upgrade, which occurred in November 2021.

About Stably

Stably is known as a Stablecoin-as-a-Service (SCaaS) provider, and it provides fiat on/off-ramp infrastructure for Web3 projects. Stably has been in operation since at least 2022, as evidenced by a news release from that year announcing the official launch of Stably USD ($USDS) under the ticker $USD.

Conclusion

The introduction of USD on the Bitcoin network marks a significant advancement in the cryptocurrency ecosystem, especially for Bitcoin, which until now had not been a platform for stablecoins. This could potentially increase the utility of the Bitcoin network and provide new avenues for growth and expansion.

(https://twitter.com/CryptoSlate/status/1661789899257970688) ↩

(https://www.bitcoininsider.org/article/215661/stably-introduces-usd-first-bitcoin-network-stablecoin) ↩ ↩² ↩³ ↩⁴ ↩⁵

(https://coinstats.app/news/fGW2cyuaxM_Stably-introduces-%23USD,-the-first-Bitcoin-network-stablecoin/) ↩ ↩² ↩³

(https://recentcoin.com/news/36150-stably-introduces-usd-the-first) ↩ ↩² ↩³

(https://finance.yahoo.com/news/stably-usd-stablecoin-officially-launched-130000334.html?fr=sycsrp_catchall) ↩