In a groundbreaking development for the Bitcoin network, May 2023 witnessed an unprecedented surge in network traffic, reaching new heights with daily transactions peaking at 682,099 on 1 May, according to data from Glassnode.
The surge in network activity can be credited to the implementation of the Bitcoin Ordinals protocol, which has opened the doors for the development of BRC-20 tokens. Within this token ecosystem, a specific offering stands out with the capability to reshape both the Ordinals landscape and the entire Bitcoin network.
Stably, a Stablecoin-as-a-Service (SCaaS) provider, recently announced the launch of Stably USD, the first stablecoin backed by the US dollar on the Bitcoin blockchain.
The primary objective of the BRC-20 token, denoted as #USD, is to establish itself as the preferred payment method for traders engaged in Ordinals transactions and other BRC-20 assets. With a stable value and seamless on-ramping/off-ramping services, #USD aims to enhance the ease and efficiency of trading activities.
Each #USD token is backed by a 1:1 reserve of US dollars held in a regulated custodian account, catering to token holders who have completed the necessary Know Your Customer (KYC) and Anti-Money Laundering (AML) verification processes.
Issuance and redemption of #USD tokens are facilitated through various platforms including Fedwire, SWIFT, USDC, and USDT, accessible to KYC-verified users in over 200 countries and regions. The stablecoin’s maximum supply is set at 69.42 trillion tokens.
As of the time of writing, the total number of Ordinals inscriptions surpassed 9 million, with an astonishing 6.5 million, or approximately 70% of them, minted in May alone, as reported by Dune.
Ordinals transactions account for a significant portion of trading activity on the Bitcoin network. Recent data from Dune’s dashboard revealed that Ordinals trading contributed to 30% of the total fees collected by miners within the last 24 hours.
The significant increase in Ordinals activity has elevated Bitcoin to the position of the second-largest blockchain for NFT trading, surpassing renowned platforms such as Solana and Polygon. According to Cryptoslam, NFT sales on the Bitcoin network have surpassed $22 million in the past week, coinciding with the creation of 24,677 BRC-20 tokens. These tokens have amassed a collective market capitalization of $447 million.
