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Stably Introduces #USD, The First Bitcoin Network Stablecoin
• Stably USD (#USD), the first stablecoin operating on the Bitcoin network, is now available thanks to the Taproot upgrade.
• BRC-20 tokens are used in order to append data to individual satoshis on the Bitcoin blockchain and represent a wide range of entities such as NFTs and stablecoins.
• Stably is backed by Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, CREAM Labs, Sunny Lu of VeChain and Paul Stahura of Donuts Inc.
Taproot Upgrade Enables Native BRC20 Token
The new Bitcoin Ordinals ecosystem made possible by the Taproot upgrade in November 2021 has enabled Stably to introduce Stably USD (#USD) as a native BRC20 token to the Bitcoin blockchain. This mechanism allows for data to be appended to individual satoshis which can then represent a variety of entities including non-fungible tokens (NFTs) as well as stablecoins like #USD.
Stably Backed By Numerous Notable Investors
Stably is a Seattle-based fintech firm that provides fiat on/off-ramp infrastructure for Web3 projects and 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.
Expanding The Possibilities Of The Bitcoin Blockchain
The introduction of #USD transcends beyond providing access to a new asset class on the Bitcoin blockchain but also unlocks various possibilities for developers looking to build applications atop it. As such this move will further extend the capabilities that have become available because of the Taproot upgrade last year.
Conclusion
Thanks to the Taproot upgrade back in November 2021 and with support from numerous notable investors backing it up – Seattle-based fintech firm Stably has been able to introduce #USD as a native BRC20 token onto the Bitcoin blockchain unlocking exciting new possibilities not only for users but also for developers looking build applications atop it.
