- A total of 24,677 BRC-20 tokens have been minted with a market cap of $447 million.
- The total number of Ordinals inscriptions exceeded 9 million at the time of writing.
May 2023 turned out to be a record month for Bitcoin network traffic [BTC] block chain. Daily transactions skyrocketed to unprecedented levels, with the count reaching an all-time high of 682,099 on May 1, data from Glassnode revealed.
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The main reason behind the surge in network traffic was the transactions driven by the Bitcoin Ordinals protocol. And they are now used to mint BRC-20 tokens.
However, the latest BRC-20 token could prove to be a game changer for the Ordinals landscape and, consequently, the Bitcoin network.
Stablecoin debuts on Bitcoin
Stablecoin-as-a-Service (SCaaS) provider Stably has 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 merchants transacting with Ordinals and other BRC-20 assets. It is denoted by the sign #USD.
By enabling low-friction on-ramping/off-ramping services and maintaining stable value, #USD has the potential to make trading smooth and easier.
Each #USD token is backed 1:1 by USD held in a collateral account. The account is managed by a US regulated custodian for the benefit of KYC/AML verified token holders.
#USD can be spent/exchanged through multiple platforms such as Fedwire, SWIFT, USDC and USDT by KYC verified users in over 200 countries/regions.
Moreover, the maximum supply of the stablecoin would be 69.42 trillion.
Ordinals refuse to blow off steam
From Dunethe total number of Ordinals inscriptions passed the 9 million mark at the time of writing, with a whopping 6.5 million, or about 70% of them, being minted in May.
In addition, Ordinals accounted for the majority of trading on the Bitcoin network. Another Dune dashboard highlighted that of the total fees collected by miners in the last 24 hours, Ordinals trading accounted for 30%.
Source: Dune
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Ordinals madness 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 crypto slam, sales worth more than $22 million were made on Bitcoin in the past seven days. In addition, there were a total of 24,677 BRC-20 tokens made with a market cap of $447 million.
