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Controversy Surrounds Ordinals Protocol as Stably USD Enters Bitcoin Blockchain

Andras Crow-Hreidar by Andras Crow-Hreidar
May 31, 2023
in Crypto
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The Ordinals protocol has recently become a subject of controversy within the Bitcoin community, as an influx of projects of various types floods the network . Alongside NFTs and BRC-20 tokens, a dollar-pegged stablecoin has made its way onto the Bitcoin blockchain further intensifying the debate .

Stably USD Joins Ordinals Protocol Amid Concerns

According to Decrypt, Stably USD, a stablecoin introduced by Stably in 2019 , has now integrated the Ordinals protocol as a BRC-20 token . Stably USD is already present on eleven blockchains, which include TRON, Avalanche and Solana, and boasts a market capitalization of $7 million .

blockdag 70m

However analysts have raised doubts about Stably USD for several reasons . Firstly its total supply amounts to approximately $70 trillion which surpasses the entire national debt of the United States . Moreover Stably’s documentation reveals a reserve wallet balance of just $220 .

Controversy-Surrounds-Ordinals-Protocol-as-Stably-USD-Enters-Bitcoin-Blockchain-

Furthermore the contact information provided on Stably’s official web site for its subsidiary, Stably Trading LLC, does not align with the details published in FinCEN . In response Stably claimed that its regulated custodian, Prime Trust, holds the reserves for Stably USD . However it is important to note that these reserves do not come with guarantees from the FDIC, unlike traditional banks that Stably collaborates with .

Investors should proceed with caution when dealing with this parameter in light of the recent downturns faced by American banks and the SEC’s rising isolation between banks, and the crypto business .

As the Ordinals protocol continues to attract diverse projects, and controversies arise surrounding Stably USDs entry into the Bitcoin blockchain , the Bitcoin community still remains divided on the implications, and potential risks associated with the latest developments .

 

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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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