Stably – a stablecoin-as-a-service provider and fiat to crypto on-ramp – has launched the first-ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain.
The token, Stably USD ($USD) is based on the emerging BRC-20 token standard around which many Bitcoin-based memecoins popularized earlier this month.
Stably USD and the Meme Economy
Per a tweet from Stably on Thursday, Stably USD is redeemable 1 to 1 for USD collateral managed by its custodian, Prime Trust, at FDIC-insured banks. The custodian is subject to external audits by The Network Firm, a digital asset accounting group, to ensure that circulating tokens are always backed 1 to 1.
The token may be issued and redeemed through dollar transfers over Fedwire and SWIFT, or through rival stablecoin transfers including Circle’s USDC, or Tether’s USDT. Direct issuance is available to KYC-verified users across 200 countries, including 44 U.S. states.
The top two stablecoins alone account for a $110 billion+ ma
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