StablyUSD Launches as First Bitcoin BRC-20 Stablecoin, but Red Flags Raised
StablyUSD is being billed as the first BRC-20 stablecoin after undergoing conversion from a regular stablecoin on multiple blockchains. The BRC-20 standard and Ordinals protocol that made this possible have been at the center of an intense debate within the Bitcoin community, with important figures taking favorable and unfavorable positions.
Stably Trading LLC, which claims to be a registered money transmitter, has announced its BRC-20 U.S. dollar-backed stablecoin on Twitter. However, there are a few red flags, including the total supply of $69.420 trillion, which likely references meme culture. Furthermore, the documentation links to a reserve wallet with only $220 at the time of writing.
Investors must exercise caution when investing in new projects, especially those that raise red flags. It's always best to do your research and seek advice from trusted sources before investing in any cryptocurrency.