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Bitcoin's Hot Ordinals Economy is Getting a Dollar-Backed Stablecoin
Bitcoin’s quickly maturing ordinals scene has come a long way since January.
Por Danny Nelson
Bitcoin’s burgeoning on-chain economy is getting its own dollar-backed stablecoin.
The new token Stably USD aims to become a go-to currency for traders transacting in the wave of novel assets being built on bitcoin, according to issuing company Stably. The crypto startup says its token can make trading in ordinals cheaper and more efficient than paying in fiat, or even bitcoin itself.
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Bitcoin’s quickly maturing ordinals scene has come a long way since January. First envisioned as a method to “inscribe” NFTs on bitcoin’s smallest denomination, the satoshi, the ordinals protocol has since become a gateway for creating all sorts of tokens – including Stably USD.
This latest so-called “BRC-20” token could make trading in all ordinals a little easier – if it catches on. Right now ordinals traders pay in two ways: either by on-ramping stable fiat currency for a fee, or with accessible but volatile bitcoin. Stably says its stablecoin will solve both issues by retaining a stable value and remaining accessible on-chain.
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Read more: Pepe-Themed ‘Bitcoin Frogs’ Becomes Most Traded NFT Amid Bitcoin Ordinals Hype
Stably’s company documents indicate it is holding Stably USD’s fiat backing with Prime Trust. Redeemers will need to go through a KYC and AML process to swap their stablecoins for the underlying dollar value.
The company’s first bitcoin-linked stablecoin will have to fare better than its other stablecoin products if it wants to succeed in the long term. Stably’s stablecoin in the ethereum ecosystem, called StableUSD (USDS) has only 752 holders and a market cap of $264,000, per etherscan – basically irrelevant when compared to market leaders Tether and USDC.
Stably certainly thinks it can penetrate a deeper market with its ordinals stablecoin. When it created the token on May 22 it gave it a maximum supply of 69,420,000,000,000.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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