The first ever stablecoin native to Bitcoin launched last week spelling the further advent of new types of financial products on the Bitcoin blockchain.
, where a single token represents a claim against one dollar, a sat can be inscribed to represent a claim on any numbers of dollars held in custody by Prime Trust.The use of the hashtag in the #USD symbol for a stablecoin departs from traditional style four characters. USDC, USDT and BUSDare familiar symbols of stablecoins that have been traded for years.
“The birth of #USD is the herald of a new age, one where decentralized marketplaces/exchanges for BTC vs. tokenized fiat can finally exist natively on the Bitcoin network itself,” Kory told me in an interview. “This is why we are working hard to roll out automatic #USD issuance/redemption to enable more seamless fiat on and off-ramping, support conversion of stablecoins on other chains to #USD and research open-source market making bots that can help liquidity providers create a more efficient market for BTC / #USD on-chain,” says Kory.
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