The stablecoin Stably USD lands on Bitcoin Ordinals

The Ordinals protocol is accusing right now a rush of projects of all colors to the point of offending part of the Bitcoin community. Besides NFTs and BRC-20 tokens, a stablecoin pegged to the dollar entered the Bitcoin blockchain.

Stably USD enters the Originals Protocol

Yes, NFTs have indeed invaded the Bitcoin network since Casey Rodarmor recorded a pixel art skull there in December 2022. In addition to its elements, which have not been unanimously accepted by the BTC community, are the BRC-20 tokens. We had counted about 24,700 at the start of the week.

According DecryptBitcoin Ordinals just welcomed Stably USD. This stablecoin launched by Stably in 2019 is among similar projects to integrate the Ordinals protocol as BRC-20.

To say that Stably USD is present on 11 blockchains (TRON, Avalanche, Solana…) right now. And it enjoys a market capitalization of $7 million.

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Announcement of Stably’s entry into Bitcoin Ordinals – Source: Twitter

Stably is thrilled to announce the launch of the first US dollar stablecoin on the Bitcoin network. Voisi USD, a revolutionary BRC20 token implemented by the Bitcoin Originals protocol.

USD is backed and redeemable at 1:1 for USD collateral managed by our regulated custodian for the benefit of KYC/AML verified token holders. Monthly attestations are performed by a third-party attester to ensure that the collateral is always 1-to-1 with the number of stablecoins in circulation.

Stay tuned for an exciting announcement coming soon between Stably and Unist Wallet, the world’s largest decentralized wallet/marketplace for Ordinals. »

Doubts around this asset

There are several reasons leading analysts to doubt the stablecoin Stably USD. First there is thetotal supply approaching $70 trillion. That’s more than double the entire national debt of the United States.

Additionally, Stably’s documentation states that the reserve wallet for this digital asset is only $220 rich.

And to drive the point home, the contact details of its subsidiary Stably Trading LLC displayed on its official website do not match those published on FinCEN.

In rebuttal, Stably claimed that Prime Trust, its regulated custodian, holds the reservations relating to its stablecoin Stably USD. Unfortunately, they do not carry any guarantee from the FDIC. Only the banks that Stably works with enjoy this convenience.

With the recurrent and recent falls of American banks, investors will have to remain vigilant with regard to this parameter. In addition, it must be taken into account that the SEC will cut the bridge between banks and the crypto industry.

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