Bitcoin will launch its first USD-pegged stablecoin, details here

[ad_1]

A total of 24,677 BRC-20 tokens minted with a market capitalization of $447 million. The total number of ordinal listings has exceeded 9 million at the time of writing.

May 2023 turned out to be a peak month for Bitcoin network traffic [BTC] blockchain. Daily transactions hit all-time highs, with the May Day tally hitting an all-time high of 682,099, data from Glassnode showed.

ReadBitcoins [BTC] Price Prediction2023-24

The main reason for the increase in network traffic was transactions driven by the Bitcoin Ordinals protocol. And they are now used to mint BRC-20 tokens.

However, the latest BRC-20 token could prove to be a game-changer for the Ordinals landscape and, therefore, the Bitcoin network.

Stablecoin debuts on Bitcoin

Stablecoin-as-a-Service (SCaaS) provider Stably has announced the launch of Stably USD, the first USD-backed stablecoin on the Bitcoin blockchain.

Basically, the BRC-20 token aims to become the preferred payment method for traders trading ordinals and other BRC-20 assets. It is denoted by the sign #USD.

By facilitating low-friction on and off services and maintaining a stable value, #USD has the potential to make trading smoother and easier.

Each #USD token is backed 1:1 by USD held in a collateral account. The account is managed by a regulated custodian in the United States for the benefit of KYC/AML verified token holders.

#USD can be issued/redeemed via multiple platforms such as Fedwire, SWIFT, USDC and USDT by KYC verified users in over 200 countries/regions.

Moreover, the maximum supply of the stablecoin would be 69.42 trillion.

Ordinals refuse to run out of steam

According to Dune, the total number of ordinal listings exceeded 9 million at the time of writing, with a staggering 6.5 million, or about 70% of them, minted in May.

Additionally, ordinals accounted for the bulk of trading on the Bitcoin network. Another Dune dashboard pointed out that of the total fees collected by miners in the last 24 hours, ordinal trading accounted for 30%.

Source: Dune

Is your wallet green? Discover the Bitcoin Profit Calculator

The ordinal frenzy catapulted Bitcoin to become the second largest NFT trading chain, eclipsing big names like Solana [SOL] and polygon [MATIC].

According to data from Cryptoslam, over $22 million worth of sells have been executed on Bitcoin in the past seven days. On top of that, a total of 24,677 BRC-20 tokens were created with a market capitalization of $447 million.

[ad_2]