Bitcoin to Launch Stablecoin Backed by US Dollars

May of 2023 proved to be a record-breaking month for network traffic on the Bitcoin blockchain. Daily transactions shot up to unprecedented levels, with the count on 1 May touching an all-time high of 682,099, data from Glassnode revealed.

The primary reason behind the rise in network traffic was the transactions driven by the Bitcoin Ordinals protocol.

Ordinals are a new type of non-fungible token (NFT) that can be inscribed on individual satoshis, the smallest unit of Bitcoin.

Ordinals can be used to represent anything from digital art to real-world assets, and they are quickly gaining popularity among Bitcoin users.

In addition to driving network traffic, Ordinals are also helping to boost the value of Bitcoin. A recent study by Chainalysis found that the average price of an Ordinal is about $100 and that the total value of all Ordinals in circulation is now over $1 billion.

The launch of Stably USD, the first USD-backed stablecoin on the Bitcoin blockchain, is also helping to drive interest in Ordinals. Stablecoins are a type of cryptocurrency that is pegged to a fiat currency, such as the US dollar.

This makes them ideal for use in everyday transactions, as they offer the stability of a fiat currency with the security and privacy of a cryptocurrency.

The launch of Stably USD is a major milestone for the Bitcoin ecosystem, and it is likely to have a significant impact on the adoption of Ordinals.

With Stably USD, users can now easily buy and sell Ordinals without having to worry about the volatility of Bitcoin.

This makes Ordinals even more accessible to a wider range of users, and it is likely to lead to even more growth in the Ordinal market.

About Bitcoin Ordinals

Bitcoin Ordinals are a new type of non-fungible token (NFT) that can be inscribed on individual satoshis, the smallest unit of Bitcoin.

Ordinals can be used to represent anything from digital art to real-world assets, and they are quickly gaining popularity among Bitcoin users.

Ordinals are created using the Bitcoin Ordinals protocol, which is a decentralized protocol that allows users to inscribe data on individual satoshis. The protocol is open source and anyone can use it to create Ordinals.

Ordinals are stored on the Bitcoin blockchain, which makes them tamper-proof and immutable. This makes them ideal for representing valuable assets, as users can be confident that the Ordinal they own is the real deal.

About Stably USD

Stably USD is the first USD-backed stablecoin on the Bitcoin blockchain. It is a fully collateralized stablecoin, which means that every Stably USD token is backed by 1 USD held in reserve.

Stably USD is issued by Stably, a leading stablecoin provider. Stably is a US-based company that is regulated by the Financial Crimes Enforcement Network (FinCEN).

Stably USD can be bought and sold on a variety of exchanges, including Binance, Huobi, and Kraken. It can also be used to pay for goods and services on a growing number of merchants.