It has been amazing to watch the pace of BRC-20 growth. BRC-20s have gone from an experimental idea to a fully-fledged token standard, complete with markets and wallets, in a few weeks. Stably announced today that they are leveraging the BRC-20 standard to launch a USD stablecoin directly on Bitcoin.
Stably’s stablecoin has the ticker #USD and is similar to other custodial stablecoins like USDT and USDC. Stably claims #USD is backed and redeemable 1-to-1 for dollars in their FDIC-insured bank – complete with monthly attestations. Stably already issues a stablecoin as an ERC-20, USDS, but that ticker has already been taken as a BRC-20. As such, Stably chose #USD in its stead.
Bitcoin could host stablecoins for a while now with Lightning and Taro. Unfortunately, they had little meaningful adoption. #USD may be a game changer for the Bitcoin ecosystem. As mentioned in the Bitcoin report we just published, Ordinals and BRC-20s are reinvigorating Bitcoin’s ecosystem and bringing an extraordinary level of economic activity to the chain – but it was hampered by a lack of stablecoins. If you have been following crypto for any time, you know that stablecoins are foundational to a vibrant ecosystem. With #USD, Bitcoin’s growing BRC-20 ecosystem continues to grow and could fundamentally change how people use Bitcoin.