RelayX launches USDC on Bitcoin SV! As RelayX launches USDC on Bitcoin SV, our own Kurt Wuckert Jr. has some comments before we give you RelayX’s own press release found on Medium today.
“I’m old friends with RelayX CEO Jack Liu. He’s a former executive from Circle (the issuer of USDC), OKEX and Binance, and one of the most prolific investors and entrepreneurs in bitcoin the bitcoin economy. Jack announced today that RelayX would be issuing USDC on BSV to benefit from the sub-cent fees and instant settlement that make the BSV network so much more practical than issuing tokens on the obsolete Ethereum protocol.”
RelayX, the Bitcoin SV Superwallet, is releasing USDC as a native US dollar token on Bitcoin SV backed 1 to 1 by USDC (ERC20). To begin, users can enroll in this service by converting BSV for USDC (RUN-SV).
USDC (RUN-SV) will initially be issued on RUN v.0.6. Development of token protocols on BSV is rapidly accelerating including RUN, Tokenized, sCrypt, Bayesian, Elas, Bitcoin Computer, and more with innovation happening at both the Layer 1 and Layer 2 level. We have stayed abreast of each of their developments and will ensure users are able to use USDC over market leading solutions as best practices take form.
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. We will be actively working across the ecosystem to partner with developers, apps, wallets, custodians, and exchanges to offer support for USDC and tokens generally.
Alongside the release of USDC, RelayX is also launching BSV/USDC (RUN-SV) bi-directional swaps. Position sizes will be throttled in early trading.
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.
USDC on BSV would not have been possible without months of close collaboration between many quiet builders from our RelayX development team, the RUN team, and many other token protocol and wallet teams. We thank everyone for their perseverance.
USDC (ERC20)— issued by Circle and Coinbase, is the fastest-growing stablecoin, supported by hundreds of fintech companies in their products and services. USDC has seen over $50B in transaction volume and settlements on public blockchains. In recent months, due to increasing global demand for digital dollars, USDC has experienced significant growth, with a greater than 200% increase in USDC in circulation from pre-pandemic levels, with more than $2.2Bn in circulation.
A Bitcoin SV Superwallet enabling consumers, developers, and businesses to access the blockchain. RelayX is used by thousands of people around the world and integrated to leading Bitcoin SV applications including Twetch, Streamanity, Baemail, Dimely, ShaWars, BitPic, and many more. Relay Trade Limited, the parent company of RelayX also operates FloatSV.com, Streamanity.com, Dimely.io, CambrianSV, and Output.Capital.