Stably Launches USD Stablecoin Stably USD on Bitcoin Network

Stably, a Web3 payments infrastructure and stablecoin-as-a-service provider, has announced the launch of Stably USD, a U.S. dollar stablecoin on the Bitcoin network, under the symbol #USD. This is a BRC20 standard stablecoin created on top of the Bitcoin Ordinals protocol, each #USD is backed 1:1 in USD in a collateralized account managed by a US regulated custodian to meet KYC/AML verified code interests of currency holders. Monthly reporting of this account is done by a 3rd party stablecoin attestor to ensure #USD tokens are always fully collateralized in USD. #USD can currently be issued/redeemed via Fedwire, SWIFT, USDC and USDT by KYC verified users in 200+ countries including up to 44 US states. Stably says it used a manual issuance/redemption process for its initial launch of #USD, but plans to release support for automated issuance/redemption via Stably Ramp, the company's plug-and-play fiat gateway gadget, in Q3 2023 support. At that point, #USD users will be able to pay via more traditional payment methods including ACH, instant ACH, credit/debit cards, and bank wire.