To recap, the creation of BRC-20 was made possible by the Ordinals protocol. It is the protocol that allows to "inscribe" unique information into satoshi - the smallest indivisible particle of Bitcoin, equal to 0.00000001 BTC. It can be text, images, video or audio.

The popularity of Ordinals and BRC-20 has led to a surge in BTC transaction fees this month. The situation was so critical in May that some members of the Bitcoin Core development team even suggested introducing radical changes to how Bitcoin's blockchain works. To put it simply, they simply allowed transactions related to the phenomenon to be blocked, which in itself is censorship.


We checked the actual data: today you have to pay the equivalent of $1.5 to make a quick transaction on the Bitcoin network. At the same time, 283,000 transfers remain unconfirmed in the so-called mempool queue. Consequently, the burden on the blockchain is still quite severe.

The market capitalisation of all BRC20 tokens is the equivalent of $433 million. In the last 24 hours, there have been 207 million transactions with them.

What tokens are on the Bitcoin network

The announcement of a stabelcoin called USD standard BRC-20 was made by Stably, which is positioning itself as a payment gateway for converting traditional currencies into crypto. The announcement of the new project has sparked interest among digital asset fans, as it is essentially a new application of Bitcoin’s blockchain. However, as Decrypt’s reporters write, there are still a few pitfalls in the announcement.

The first is that USD has a capitalisation of $69.420 trillion. Judging by the figures, this is just a reference to popular internet memes in the form of the number 69 and the time 4:20, rather than anything serious. Besides, this capitalisation is bigger than the entire national debt of the USA, which is generally impossible to realise.

In the documentation for the project, there is a link to the wallet used to back the stabelcoin. It contains only a little more than 220 dollars, i.e. the creators of the project are obviously not prepared to serve a large number of future owners of the equivalent of a dollar.

That said, Stably representatives claim that their subsidiary Stably Trading LLC is a registered payment platform. However, the registration number and address on their website does not match the one listed in the Financial Crimes Enforcement Network (FinCEN) database under “Stably Trading, LLC”.

The Stably project’s official Twitter claims that “USD is secured at a 1-to-1 ratio by a USD collateral” managed by their regulated custodian. A third-party firm will allegedly conduct monthly audits to ensure the coin is secured.

By the way, USD is not technically a new Stablecoin. It has been around since 2019 and has only recently been converted into a BRC-20 standard token on Bitcoin. On Coingecko it can be found under the ticker USDS. Judging by current data, the coin is practically dead except for occasional transactions on Uniswap.

The Stably website also has information on Prime Trust, which is most likely the aforementioned custodian to provide backing for Stablecoin. However, it is not FDIC-insured and is only an intermediary between Stably and accounts at several banks. Overall, the project is hardly worthy of attention apart from the fact that it is the first notable implementation of stabelcoin based on the BRC-20 standard.

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The Ordinals protocol has become so popular that its popularity is something Peter Schiff, a well-known economist and long-time Bitcoin critic, wants to exploit. The day before, he reached out to his Twitter followers with an unexpected announcement. It turns out Schiff will be participating in the Golden Triumph NFT collection at Ordinals in collaboration with his “favorite artist” under the pseudonym of Market Price.

The collection includes the original painting of the same name, as well as other works on the related theme of gold. This reference is no accident. Peter Schiff is a supporter of gold, for which he was even nicknamed the Golden Beetle.

For all that, Peter has been actively critical of Bitcoin on every occasion, and far from always his criticism has been appropriate at all. Therefore, after his announcement, some cryptocurrency enthusiasts thought that Schiff’s Twitter account had been hacked at all. Nevertheless, he did confirm his intentions to work on the release of the NFT collection, reports Cointelegraph.

It could even be a big hit among cryptocurrency fans – just for fun, they will be buying up NFTs to prove the superiority of blockchain and digital assets over precious metal. That said, the situation itself suggests that Schiff has no principles when it comes to investments. That means he is willing to make money even on assets that he himself does not consider worthwhile.


We believe that the launch of Stably could be called a failure. Although the token has essentially become a pioneer in its category, the abundance of questions about the project's fundamentals clearly hints that it should be handled with caution. Yes, there are no smart contracts on the Bitcoin network, which essentially protects token users from possible fraud by the developers. However, such figures are far from adequate in any case.


For even more interesting news, look for it in our crypto-chat of ex-wealthy people. There we discuss other important events that affect the blockchain and decentralized assets industry in one way or another.