Bitcoin to launch its first USD-pegged stablecoin, details here
- A total of 24,677 BRC-20 tokens minted with a market cap of $447 million.
- The total number of Ordinals inscriptions broke past 9 million at the time of writing.
May of 2023 proved to be a record-breaking month for network traffic on the Bitcoin [BTC] 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.
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The primary reason behind the rise in network traffic was the transactions driven by the Bitcoin Ordinals protocol. And they are now being used to mint BRC-20 tokens.
The latest BRC-20 token though, could prove to be a game changer for the Ordinals landscape and, consequently the Bitcoin network.
Stablecoin makes debut on Bitcoin
Stablecoin-as-a-Service (SCaaS) provider Stably 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 mode of payment for traders transacting Ordinals and other BRC-20 assets. It is denoted by the sign #USD.
By facilitating low-friction on-ramping/off-ramping services and retaining a stable value, #USD has the potential to make trading smooth and easier.
Every #USD token is backed 1:1 by USD kept in a collateral account. The account is managed by a U.S.-regulated custodian for the benefit of KYC/AML-verified token holders.
#USD can be issued/redeemed via multiple platforms like Fedwire, SWIFT, USDC, and USDT by KYC-verified users across 200+ countries/regions.
Additionally, the maximum supply of the stablecoin would be 69.42 trillion.
Ordinals refuse to lose steam
As per Dune, the total number of Ordinals inscriptions went beyond 9 million at the time of writing, with a staggering 6.5 million, or about 70% of them, getting minted in May.
Furthermore, Ordinals accounted for bulk of the trading on the Bitcoin network. Another Dune dashboard highlighted that out of the total fees collected by miners in the last 24 hours, Ordinals trading accounted for 30%.
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The Ordinals frenzy has catapulted Bitcoin to become the second-largest chain for trading NFTs, eclipsing big names like Solana [SOL] and Polygon [MATIC].
According to data from Cryptoslam, sales worth more than $22 million were executed on Bitcoin in the last seven days. Besides this, a total of 24,677 BRC-20 tokens were created with a market cap of $447 million.