With the introduction of the Ordinals protocol, various adventurers appeared who wanted to take advantage of the opportunity to issue tokens on the most famous and popular blockchain. As expected, there were also those who announced the release of stablecoins on the bitcoin blockchain.
So, recently the Stably project announced the launch of its USD-based stablecoin. Of course, the announced emission of $69.420 trillion suggests that it is hardly worth taking this project seriously, and
Decrypt additionally cites arguments against this project. But there will surely be other projects ahead that want to issue stablecoins on the bitcoin blockchain. Perhaps these will be some of the currently popular stablecoins.
How do you feel about the prospect of dollar stablecoins on the bitcoin blockchain? Will you use them? How might this affect Bitcoin?
Do you see how USDT is been deployed back to other chains that are safe and faster than Ethereum, they are doing that because of the demand from those chains because Ethereum is killing retail investors with gas fees, and the average person couldn't enjoy using stable coin because what you will be using as the gas fee is enough to use for other stuff, the fees are so high that the more are burned on the Ethereum chain and mint on safe and fast chains.
Now compare Ethereum with Bitcoin, do you think Bitcoin will survive this pain of gas fees? Ordinals were trending just two weeks ago and the mempools became congested with many unconfirmed transactions, what do you think will happen to the Bitcoin network in a Bull run when there will be demand for Bitcoin and stablecoins, an average guy wouldn't be able to cover that costs of transaction and the network will become useless.