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.

Read Bitcoin’s [BTC] Price Pre­dic­tion 2023–24

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%.

Source: Dune

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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.