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

• A complete of 24,677 BRC-20 tokens minted with a market cap of $447 million.
• The full variety of Ordinals inscriptions broke previous 9 million on the time of writing.

Might of 2023 proved to be a record-breaking month for community visitors on the Bitcoin [BTC] blockchain. Day by day transactions shot as much as unprecedented ranges, with the depend on 1 Might touching an all-time excessive of 682,099, knowledge from Glassnode revealed.

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The first motive behind the rise in community visitors was the transactions pushed by the Bitcoin Ordinals protocol. And they’re now getting used to mint BRC-20 tokens.

The newest BRC-20 token although, might show to be a recreation changer for the Ordinals panorama and, consequently the Bitcoin community.

Stablecoin makes debut on Bitcoin

Stablecoin-as-a-Service (SCaaS) supplier Stably introduced the launch of Stably USD, the primary USD-backed stablecoin on the Bitcoin blockchain.

Mainly, the BRC-20 token goals to turn into the popular mode of cost for merchants transacting Ordinals and different BRC-20 property. It’s denoted by the signal #USD.

By facilitating low-friction on-ramping/off-ramping providers and retaining a secure worth, #USD has the potential to make buying and selling clean and simpler.

Each #USD token is backed 1:1 by USD saved in a collateral account. The account is managed by a U.S.-regulated custodian for the advantage of KYC/AML-verified token holders.

#USD may be issued/redeemed through a number of platforms like Fedwire, SWIFT, USDC, and USDT by KYC-verified customers throughout 200+ nations/areas.

Moreover, the utmost provide of the stablecoin can be 69.42 trillion.

Ordinals refuse to lose steam

As per Dune, the full variety of Ordinals inscriptions went past 9 million on the time of writing, with a staggering 6.5 million, or about 70% of them, getting minted in Might.

Moreover, Ordinals accounted for bulk of the buying and selling on the Bitcoin community. One other Dune dashboard highlighted that out of the full charges collected by miners within the final 24 hours, Ordinals buying and selling accounted for 30%.

Supply: Dune

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The Ordinals frenzy has catapulted Bitcoin to turn into the second-largest chain for buying and selling NFTs, eclipsing massive names like Solana [SOL] and Polygon [MATIC].

In keeping with knowledge from Cryptoslam, gross sales price greater than $22 million had been executed on Bitcoin within the final seven days. Moreover this, a complete of 24,677 BRC-20 tokens had been created with a market cap of $447 million.