What is Stably USD?
Stably USD is a stablecoin issued by Stably. The BRC20 Stably USD was created via Bitcoin Ordinals (introduced in January 2023) following the recent Taproot upgrade.
The BRC20 token uses a technique called ordinal inscription to attach data to individual satoshis. These satoshis can then represent anything from digital artwork ownership to memecoins and even stablecoins.
satoshi: Bitcoin’s smallest currency
According to Stably, each USD will be pegged 1:1 to the US Dollar. This US Dollar will be deposited in a custodian bank to ensure integrity. Monthly, the project will also provide related reports to attest that the USD stablecoin is always fully backed by the US Dollar.
What is Stably?
Stably is a project that provides Stablecoin-as-a-service (SCaaS) and on/off-ramp payment infrastructure for Web3 projects. Stably was established in 2018, specializing in providing cryptocurrency payment gateways, multichain stablecoins and crosschain tokens.
Stably aims to bring Web2 users to Web3 with an efficient and convenient payment solution.
Why stablecoins are needed?
The USD stablecoin is deployed on the BRC20 network to partially realize Stably’s expectation of bringing millions of users to Web3. By using the services that Stably provides such as on/off-ramps, electronic payment gateways, etc., users can easily access the crypto market.
Not only bringing users through the portal between the traditional market and the crypto market, Stably also cooperates with major wallet/marketplace services like UniSat and Asia’s first ordinal marketplace like Ordzaar.
Moreover, Stably is also approaching to exploit the potential of the ORC20 token standard to create the best development space for USD stablecoin.
Stablecoins are the first step towards Stably building an economy for Bitcoin – BitFi.
What’s outstanding about USD?
USD has some of the following highlights:
KYC users can mint/redeem 1:1 with Fedwire, SWIFT, USDC and USDT
The USD’s operating range is wide: more than 200 countries worldwide, including 44 US states.
Available on 12 chains: XRP Ledger, VeChainThor, Harmony, Polymesh, Chia…
Guaranteed: every month USD reports will be made by a 3rd party to ensure the amount of stablecoins are secured
What is the Stably USD Token used for?
Stably USD is Bitcoin’s first stablecoin, so USD was developed to:
Facilitating on/off-ramps trading for BRC20 assets: instead of having to convert fiat to BTC on CEX exchanges, users can mint USD stablecoins for trading directly on exchanges.
Provide an efficient means of trading and reduce the risk of price fluctuations: Currently, most transactions with BRC20 tokens are done via BTC (eg ORDI/BTC). Currently, users can buy and sell BTC with the stablecoin stablecoin Stably USD.
Interoperability with BitFi Applications: New token standards such as ORC20 are built on top of Bitcoin Ordinal to enhance security and interoperability on the network. This makes it possible for users to convert assets between token standards, making capital flows better and better for the Bitcoin ecosystem.
How to buy/sell Stably USD?
To be able to trade USD stablecoin, users need to follow these steps:
Step 1: Create a Stably Ramp account
Step 2: Create a buy/sell transaction through the form
Step 3: After that, the project side will contact users via the information they provide within 2 working days via email [email protected] to guide the next step
Step 4:
If making a purchase: User sends US Dollar or USDC/USDT to Prism Trust
– If making a sale transaction: User sends USD stablecoin to Treasury Wallet
Step 5:
– If making a purchase: Get USD stablecoin to BRC20 wallet
– If making a sale transaction: Get US Dollar in your account or USDT/USDC in your wallet
What payment methods are accepted?
Currently, Stably only supports USD deposit/disbursement via Fedwire for US users (T+0 to 1 business day) and SWIFT for international users (T+3 to 5 business days).
Stably also supports deposit/disbursement of USDC (Ethereum) and USDT (Ethereum) for all users (T+0).
When will the auto buy/sell feature be available?
Around Q3/2023, Stably Ramp will be able to support users to buy/sell USD stablecoin automatically, allowing on/off-ramp trading for:
US users via Fedwire, ACH, ACH
US users along with international users through SWIFT and credit/debit cards.
After that, Stably will stop using the current manual trading process.
Project team, investors & partners
Project team
Stably is developed by a technology company in Seattle, Washington.
Investors and partners
Stably is invested by many big names such as: Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, CREAM Labs, Sunny Lu of VeChain, Paul Stahura of Donuts…
In addition, Stably also cooperates with many partners such as: Prism Trust, Bittrex, Vechain, Stellar, Ripple, Harmony…
Stably Token Information (USD)
- Token Name: Stably USD
- Ticker: USD
- Blockchain: Bitcoin
- Token Standard: BRC20
- Max Supply: 69,420,000,000,000
- Market Cap (24/05/2023): $101,000
- Deployment Inscription: #8,727,192
- Inscription ID: cc2483940adb3dcabbd2f3856d45b206004d88bab78b9e9e056b9565ea119a07i0
- Treasury Wallet Address: bc1qfy3tahmr2gw3l3974gafuvkvv4y7lwv8vc3k7a
Note:
– All Stably USD in circulation is kept in Stably’s #USD Treasury Wallet.
– Stably USD tokens that are not part of the Treasury Wallet are considered “issued tokens” and are in the circulating supply.