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There’s Now a Dollar-Backed Stablecoin on Bitcoin Using Ordinals Protocol
In the ever-evolving landscape of cryptocurrencies, innovation continues to drive the development of new solutions. Stably, a prominent player in the cryptocurrency space, made waves in 2019 with the debut of Stably USD, a dollar-backed stablecoin. With a market capitalization of $7 million spread across 11 blockchains, Stably USD has captured attention within the industry. What sets it apart is the utilization of the controversial BRC-20 standard and Ordinals protocol, enabling it to make its mark in the Bitcoin ecosystem. This article explores the groundbreaking nature of Stably USD as the first BRC-20 stablecoin, its potential impact, and the challenges it faces.
The Dominance of Ethereum and the Rise of BRC-20
When it comes to stablecoins, Ethereum has long been the dominant blockchain network of choice. Tether (USDT) and USDCoin (USDC), two of the largest stablecoins, have primarily conducted their transactions as ERC-20 tokens on the Ethereum network. However, these tokens have also expanded their presence on other networks such as Solana, Avalanche, and TRON. Despite Ethereum’s stronghold, the emergence of BRC-20 tokens poses an intriguing alternative.
BRC-20 tokens share similarities with non-fungible tokens (NFTs) and offer the…
