USDC is the first stablecoin on the Bitcoin blockchain thanks to the RelayX and Run partnership!
The launch of USDC (RUN-SV) is a major milestone as the first open, publicly available token on Bitcoin SV. Widely thought by the general crypto community as an impossibility, we believe this is the start of a token and contracting explosion for Bitcoin. A stable-coin has long been desired by many BSV ecosystem apps and users for use cases including social media, gaming, trading, financial services, and more.
Said RelayX in their official announcement.
BSV/USDC trading allows merchants, businesses, and users to hedge BSV price risk by swapping BSV for USDC instantly without ever leaving Bitcoin. No longer will the trading of BSV be limited to centralized exchanges often with extraordinarily conservative 20+ block confirmation times for deposits and withdraws. More interestingly, one can imagine a future where the currency you use on Bitcoin applications like Twetch or Streamanity becomes just a setting. A viewer could be tipping 10 cents in USDC, while the content creator receives the funds as BSV just the same.
How can I use USDC on BSV?
At the moment, you will be able to obtain USDC, or rather, swap your BSV for Bitcoin-based USDC, from two different locations; through Run and RelayX.
“To begin, users can enroll in this service by converting BSV for USDC (RUN-SV),” said RelayX in the official announcement.
On Run V.0.6, you can convert your BSV for USDC directly. In addition, RelayX is launching BSV/USDC (RUN-SV) bi-directional swaps, which will serve as the second USDC on Bitcoin blockchain onramp right out of the gate. In the future, you can expect more Bitcoin service providers to provide onramps and offramps from BSV to USDC and vice versa.
Stablecoins and tokenization have been in high demand on the Bitcoin blockchain, and this partnership between RelayX and Run brings us one step closer to seeing a variety of tokens and stablecoins operating on Bitcoin.
BSV moving forward. A great next step from the BSV Pioneer @liujackc https://t.co/GKlJOaGaRI
— WallStreet5 (@Street5Wall) September 23, 2020