Stablecoin service and payment infrastructure provider Stably announced the launch of #USD, a US Dollar stablecoin based on the BRC-20 token standard. According Stably, #USD is the first US Dollar stablecoin on the Bitcoin network, which aims to provide the Bitcoin community with a transparent and regulatory-compliant stablecoin.
#USD is a fully-collateralized stablecoin. Each #USD is backed 1:1 with the US Dollar held by a US-regulated custodian in a collateral account. A third-party stablecoin attestor will conduct monthly attestations for the account to ensure the number of circulating stablecoins is equal to the collateral account's balance.