Dollar-Backed Stablecoin To Launch On Bitcoin Via Ordinals – May 25

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$26,256

Bitcoin price has found a little stability around the $26,000 level today, following a recent drop from $27,000.

Top-20 altcoins are also looking relatively stable over the last day of trading, as Ether and BNB each move less than 1%, Polygon gains 2% and Cardano falls 1%.

Top Stories for May 25, 2022 🔥

👉 Dollar-Backed Stablecoin To Launch On Bitcoin Via Ordinals

A new stablecoin called Stably USD is being introduced to facilitate trading in the growing on-chain economy of Bitcoin, via the Ordinals protocol.

Stably USD, categorized as a BRC-20 token, seeks to simplify trading in all Ordinals. Currently, Ordinals traders either convert fiat currency to stablecoin at a fee or use volatile Bitcoin for transactions. Stably believes that its stablecoin can resolve both issues by maintaining a stable value and remaining accessible on-chain.

The stablecoin’s fiat backing is held with Prime Trust, and users will need to undergo KYC and AML processes to swap their stablecoins for the underlying dollar value.

👉 DeSantis Says He Will Protect Bitcoin If Elected

Florida Governor Ron DeSantis, who recently launched his presidential campaign, expressed his commitment to protect Bitcoin if elected.

During a Twitter Spaces event with Elon Musk, DeSantis stated that he believes the current government is hostile towards Bitcoin and warned that if this continues, it may lead to the demise of the cryptocurrency.

DeSantis emphasized the importance of allowing individuals to freely engage with Bitcoin and pledged to safeguard the ability to use digital currencies if he becomes president.

👉 Farenheit Consortium Wins Bid To Acquire Celsius Assets

Cryptocurrency consortium Fahrenheit has emerged as the winning bidder in the acquisition of insolvent crypto lender Celsius Network, according to court filings.

The consortium, which includes venture capital firm Arrington Capital and miner US Bitcoin Corp, will acquire Celsius Network’s assets valued at around $2 billion.

The acquisition includes the institutional loan portfolio, staked cryptocurrencies, mining unit, and alternative investments of Celsius Network. Fahrenheit must make a $10 million deposit within three days to finalize the agreement.