Post
Topic
Board Bitcoin Discussion
Re: Stablecoins on the bitcoin blockchain
by
Faisal2202
on 28/05/2023, 11:07:56 UTC
How do you feel about the prospect of dollar stablecoins on the bitcoin blockchain? Will you use them? How might this affect Bitcoin?
Well, i read the provided article and come to the result that they (Stably) are bluffing about each and everything because they are announcing the aforementioned $69 trillion backup which as have already mentioned is doubled the debt on US alone, and further they have around $5000 liquidity on Decentralized exchange, well i can paste all the facts covered by Decrypt's article here or you can read for yourself.

That, Stably only wants to get into hype by using the trend of BRC-20 tokens and how is that going to work because as far as i know, ordinals have some supporters and some are against it and how one can support such a stablecoin which has flaws in it (according to the history of Stably USD).

i will not use it because it is not backed by any registered entity and they are lying about their liquidity. I am damn sure they just want to ride on the rocket of BRC-20 hype so that they could get benefit from this hype too.

This will definitely affect the BTC blockchain as Ordinals NFT's deployment on the BTC blockchain has affected it, there is still congestion on the network and prices are still high enough plus more transactions will increase congestion on the network which will again increase the price. Also, i do not think Ordinals are enough to deploy a Stable USD because ordinals are only being used to upload some data into the BTC blockchain as it does not provide full features like managing, etc of it plus there might be integration problems with it.