Stablecoin issuer Stably has launched the Stably USD, a dollar-pegged stablecoin, on the Bitcoin network

ChainCatcher news, Web3 payment infrastructure and stablecoin-as-a-service provider Stably announced the launch of the Stably USD stablecoin on the Bitcoin network, symbol #USD. This is a BRC20 standard stablecoin created based on the Bitcoin Ordinals protocol, with each #USD backed 1:1 by US dollars in a collateral account managed by a U.S. regulated custodian, to serve the interests of token holders who have undergone KYC/AML verification. Monthly reports of the account are conducted by a third-party stablecoin auditor to ensure that #USD tokens are always fully backed by US dollars.

It is reported that #USD can currently be issued/redeemed by KYC-verified users from over 200 countries/regions (including up to 44 U.S. states) through Fedwire, SWIFT, USDC, and USDT. Stably stated that it has adopted a manual issuance/redeeming process for the initial launch of #USD, but plans to support automated issuance/redeeming through the company's plug-and-play fiat gateway tool, Stably Ramp, in the third quarter of 2023. At that time, #USD users will be able to use more traditional payment methods, including ACH, instant ACH, credit/debit cards, and bank wire transfers. (Source link)