Bitcoin’s burgeoning on-chain economy is getting its own dollar-backed stablecoin. U.S.-based Stably, which calls itself a fiat onramp for crypto trading, recently announced the BRC-20 U.S. dollar-backed stablecoin via Twitter.

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.

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.

According to Stably’s corporate records, Prime Trust is where it holds the fiat underpinning for Stably USD. In order to exchange their stablecoins for the underlying dollar value, redeemers will have to go through a KYC and AML procedure.

If the company wants to be successful in the long run, its first stablecoin which is linked to Bitcoin will need to perform better than its previous stablecoin offerings. According to etherscan, StableUSD (USDS), Stably’s stablecoin for the Ethereum ecosystem, has only 752 holders and a market cap of $264,000, making it essentially inconsequential when compared to market giants Tether and USDC.