StableUSD(USDS)

[PRESS RELEASE – Renton, United States, May 25th, 2023] Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, is aiming to revolutionize the nascent Bitcoin ordinals market by launching its US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD. This groundbreaking development marks a critical […]

Renton, United States, May 25th, 2023, ChainwireStably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, is aiming to revolutionize the nascent Bitcoin ordinals market by launching its US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD. This groundbreaking development marks a critical milestone in the exponentially growing Bitcoin ordinals ecosystem that is now reaching half a billion dollars in total market capitalization in less than six months.#USD is a BRC20 standard stablecoin created via the Bitcoin ordinals protocol which was introduced in January 2023 after the recent Taproot upgrade. BRC20 tokens use a technique called ordinal inscriptions to attach data to individual "satoshis," the smallest unit of a Bitcoin. These satoshis can then represent anything from digital art ownership to “meme coins” and even stablecoins.According to Stably, every #USD token is backed 1-to-1 with USD in a collateral account managed by a US-regulated custodian for the benefit of KYC/AML-verified token holders. Monthly reports for the account are also conducted by a third-party stablecoin attestor to ensure #USD tokens are always fully collateralized with USD."When I met Domo, the creator of the BRC20 standard, at the Bitcoin 2023 conference in Miami, I told him about our upcoming plans for #USD," said Kory Hoang, Stably’s CEO and Co-Founder. “He thought it was great and funny how we are creating a stablecoin on Bitcoin to enable Bitcoin trading on-chain… With a stablecoin built on Bitcoin. I’m still chuckling about it to this day, actually. In just one week after that, however, we made it happen!” The integration of BRC20 #USD into the Bitcoin network is part of Stably’s mission to power the next billion Web3 users with a seamless fiat-to-crypto and stablecoin onramp to all popular and emerging blockchain networks. The company’s upcoming collaborations with prominent ordinals and BRC20 projects, including UniSat–the world’s largest decentralized wallet/marketplace for ordinals–and Ordzaar–Asia’s first decentralized ordinals marketplace project, reflect Stably's aspiration to drive global innovation and adoption toward decentralized finance on the Bitcoin network, or “BitFi.” Additionally, Stably’s engineers are now exploring the new ORC20 standard for Bitcoin ordinals, which could significantly enhance the token properties of #USD once implemented.#USD can be issued/redeemed with Fedwire, SWIFT, USDC, and USDT by KYC-verified users across 200+ countries/regions currently, including up to 44 US states. Stably states that it is employing a manual process of issuance/redemption for #USD’s initial launch but plans to release support for automatic issuance/redemption through Stably Ramp, the company's plug-and-play fiat gateway widget, during Q3 2023. By then, users of #USD will be able to on/off-ramp via more traditional payment methods like ACH, instant ACH, and credit/debit cards, in addition to bank wires.Founded in 2018, the 20+ team member Seattle FinTech is backed by leading institutional and angel investors in the crypto space, such as Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, CREAM Labs, Sunny Lu of VeChain, and Paul Stahura of Donuts, Inc. The company has raised over $7.5-million in total funding to-date, $5-million of which was collected during its last Pre-Series A round in December 2021. Stably has also expanded its fiat on/off-ramp and stablecoin natively to more than ten emerging networks, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.About StablyStably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing stablecoins and fiat crypto on and off-ramps to users of Web3 applications. Stably’s mission is to power this decade’s next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems.Visit stably.io to learn more.Risk Disclaimer: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value and even principal. Bridged or wrapped digital assets (e.g. WBTC) involve additional risks, such as technical challenges, higher fees, security vulnerabilities, and reliance on third-party custodians. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please visit: stably.io/terms-of-service.ContactStably Head of MarketingMatthew [email protected]

Ethereum (ETH) is finally closing a week in red after months of uptrend, but this may not be as bearish as it looks. In fact, it ETH/USD ends up closing the weekly candle above the 50 week EMA, that would be a very bullish development, one that might pave the way for a rally past $300 in the weeks ahead. Ethereum (ETH) was primed for a major decline but it stalled that decline by cooling off short term to make way for another rally to the upside. The price can keep on consolidating and rising in this manner for a long time which is why the RSI may not be a good indicator of predicting price action. This is because the RSI is derived from the price action and not vice versa which means that price action is the most valuable data we have. Looking at the price action for ETH/USD, we see that it formed a higher high and higher low between April and now. If Ethereum (ETH) begins next week in green, we have every reason to believe that the price could end up rallying towards $300 or higher levels. That being said, we should be very careful going long on ETH/USD at this point because the price could break below this rising wedge any time now. It should not be forgotten that Ethereum (ETH) is still due for another downtrend and that the price of Ethereum (ETH) has yet to find its true bottom. We have seen the market inflict maximum pain on the bears in a way that surprised even most retail bulls. However, they have also become complacent now while the bears have become very cautious. Interestingly, we are at a turning point in this market as the bears are about to see their good days begin again because this bear market is far from over yet. The daily chart for ETHUSDShorts shows that the number of margined shorts declined significantly in the past few months but the time has come for a trend reversal. The bears attempted to force a new downtrend in April but they failed miserably. However, this time ETHUSDShorts has reached the end of the line trading within a large descending wedge. Soon as ETHUSDShorts breaks the trend line resistance and breaks out of the large falling wedge, we will see bearish pressure mount up and the price of Ethereum (ETH) will take a hit. However, before that happens, we can see the number of margined shorts decline further for the next few weeks. The big picture remains intact. Ethereum (ETH) might be bullish short term but it is due for a major move to the downside long term. The market has inflicted maximum pain on the bears but we are unlikely to see another bullish cycle before the market inflicts maximum pain on the bulls. There are still a lot of people waiting for Ethereum (ETH) to rocket to the moon from here. The market will give them reasons to believe that until it crushes their dreams and leaves them dejected and heartbroken. That is when we will see the new bullish cycle begin.

Bitcoin (BTC) is ready to shoot strongly above the $4,000 mark as price faces oversold conditions short term. The 4H chart for BTC/USD shows that the price still has to rally towards the 38.2% Fibonacci retracement level before a potential rejection. If the price does not stop there, we could see it rally all the way towards the 61.8% Fib level to rise above $5,000. The price is also trading in an ascending channel which is part of a major bear flag that will eventually result in BTC/USD falling towards another low in the weeks ahead. As BTC/USD closed last week above $4,000, we witnessed a sentiment shift as the bulls have once again started to step in to assume control. The bears on the other hand are scared as the number of margined shorts has topped out short term and a sharp decline in sell pressure is expected. Current outlook for BTC/USD suggests that this might be a bad time to enter short positions just yet no matter how tempting it may appear. However, previous trading history suggests that retail traders have made this mistake over and over again. There is no reason to believe that it will not happen again if these things have been happening since time immemorial. The majority starts to see that the price has topped out on major time frames so they rush in to open short positions. The whales then push the price just enough to hit their stops. When that happens, a massive short squeeze pushes the price of Bitcoin (BTC) higher giving bulls the false idea that bullish momentum has returned. Just when the bulls enter long position, the whales drag the price down to hit their stops which leads to further panic selling. The 4H chart for BTCUSDShorts shows how risky shorting BTC/USD at current levels could be. The number of margined shorts has run into trend line resistance and already faced a strong rejection. BTCUSDShorts has topped out on major time frames and there is no reason to think that the number of shorts will not decline sharply in the days ahead. When that happens, the steady decline in sell pressure is going to propel the price of Bitcoin (BTC) north of $4,000. We will most likely see some big news act as a catalyst for that rise. At this time, we have abundance of such news and developments. Bitcoin (BTC) has been trading sideways for a long time which led most bears to believe that we might see a strong decline after the consolidation but that has not happened. Instead, we have seen the price close above $4,000 on the weekly time frame. Now, the dilemma facing Bitcoin (BTC) bears is that they have already opened big short positions and are waiting for the price to drop, but if the price shoots up towards the 38.2% Fib retracement level instead of falling as we expect it to, things could get pretty ugly for the bears and we might see a lot of positions get liquidated which could potentially push Bitcoin (BTC) towards $5,000 in the near future.