Home/Announcements/Stably Bridges BTC and ETH to the Chia Blockchain Ecosystem

Stably Bridges BTC and ETH to the Chia Blockchain Ecosystem

Categories: AnnouncementsPublished On: May 3rd, 20235.8 min read

Stably and Chia Network partner to introduce Bitcoin and Ethereum bridges, enabling seamless interoperability and cross-chain transfer for Chia’s DeFi ecosystem.

Stably is excited to announce that users of Chia can now access Bitcoin (BTC) and Ethereum (ETH), thanks to a partnership between Stably—a Web3 payment infrastructure provider—and Chia Network, an eco-friendly blockchain and smart transaction platform. Stably’s new BTC and ETH custodial bridges is a result of this partnership, which began with the Chia USDS stablecoin being brought to Chia Network in 2021 to facilitate efficient on-chain transactions and DeFi ecosystem development.

With the launch of custodially-bridged BTC and ETH on Chia Network, supporters of these popular digital assets can now actively engage in the burgeoning Chia DeFi ecosystem. This development enables everyday transactions with BTC and ETH on the Chia blockchain. The ticker symbols for bridged BTC and ETH on Chia are “BTCS” and “ETHS,” respectively.

To obtain BTCS and ETHS, users from anywhere in the world can use Dexie.Space, a decentralized exchange on Chia, or Goby Wallet, an open-source browser plugin wallet for Chia. 

Through Stably Bridge, you can also request to issue/redeem BTCS and ETHS directly with BTC and ETH for unlimited amounts (1 BTC and 10 ETH minimum, respectively). However, KYC verification is required for Stably Bridge which is available in 200+ countries/regions, including 17 US states, including CA, CO, IL, IN, KS, MN, MO, MT, ND, OK, OR, PA, SC, TN, UT, WI, WY.

There are currently zero fees to issue/redeem BTCS and ETHS via Stably Bridge, other than network fees.

“Partnering with the Chia Network to introduce Bitcoin and Ethereum into their expanding ecosystem is a thrilling development for Stably. As a company dedicated to offering cutting-edge solutions in the Web3 payment infrastructure space, the Chia collaboration helps broaden our range of services and propels the potential of DeFi while still being mindful of sustainability” ~Kory Hoang, CEO of Stably.

In addition to Dexie.Space and Goby Wallet, Stably, has also partnered with SpaceScan, a Chia blockchain explorer and analytics platform, and Tail Database as launch partners to increase ecosystem exposure for Chia BTCS and ETHS. 

What Are BTCS and ETHS?

BTCS and ETHS are bridged (or “wrapped”) digital assets on Chia that enable users to efficiently transfer their BTC and ETH liquidity cross-chain. Built on interlay architecture, every BTCS and ETHS token on Chia is fully-collateralized and redeemable 1-to-1 for their respective underlying collateral asset according to Stably’s Terms of Service. The collaterals for BTCS and ETHS are held at Prime Trust, a US-based qualified custodian. 

Compliance and Transparency

Stably—through its FinCEN-registered money service business subsidiary, Stably Trading—is the convertible virtual currency administrator of BTCS and ETHS (per FIN-2013-G001), managing the underlying collaterals for the benefit of KYC-verified token holders in compliance with BSA/AML regulations.

For transparency, Stably will publish the balances of the collateral accounts on its website every month (i.e Prime Trust account statements). Anyone may verify the reported balances vs. the on-chain token supplies for BTCS and ETHS vis SpaceScan:

Where Can I Obtain Chia BTCS and ETHS On-Chain?

For smaller transaction sizes, you may trade on Dexie, a decentralized and non-custodial exchange (DEX) for Chia assets:

Calculating BTCS Market Cap on the Chia Network

To accurately determine the BTCS market cap on the Chia Network, subtract the total BTCS supply from the balance in Stably’s Treasury Wallet.

The Importance of BTCS and ETHS Integration for Chia Network

Incorporating BTCS and ETHS into Chia Network is key to enabling BTC and ETH usage and interoperability in decentralized applications on Chia. The faster block creation time of Chia leads to faster transactions and increased speed, offering benefits for all parties involved. Ultimately, this integration enhances the utility of the world’s top two largest digital assets and Stably plans to expand BTCS plus ETHS to many more emerging blockchain ecosystems in the near future.

How to Issue or Redeem Chia BTCS and ETHS via Stably Bridge

  1. Create a Stably Ramp account and complete individual KYC (or a Stably Prime account for entity KYB).
  2. Submit an issuance or redemption transaction request via stably.io/bridge (or use this form).
  3. The Stably Bridge Team will then reach out to you via email and provide additional instructions to process your transaction request.

A Promising Future for Chia’s DeFi

The partnership between Stably, Chia, Dexie.Space, and Goby Wallet marks a significant milestone in the DeFi landscape, opening up opportunities for BTC and ETH to achieve greater utility within the Chia ecosystem. Stably’s secure and compliant bridge not only facilitates wider DeFi and cross-chain asset adoption across emerging blockchains, but also underscores the importance of innovative thinking and cross-platform collaboration in the rapidly evolving world of digital currencies.

BTCS and ETHS issuance on the Chia blockchain also demonstrates Stably’s commitment, in collaboration with its partners, to advancing interoperability and making popular digital assets available on all chains. Stably is dedicated to further expanding the DeFi ecosystem and fully supports Chia, its community, and its partners. 

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​​About Chia Network

Chia Network built a better blockchain to drive real-world use and application. Founded by Bram Cohen, inventor of BitTorrent, Chia provides a secure, sustainable and regulatory compliant blockchain setting the standard for the infrastructure of digital currency and inclusive access to global, decentralized finance. Through the innovative Proof of Space and Time consensus algorithm, Chia Network’s public, open source blockchain leverages hard drive space to create the first new Nakamoto Consensus since Bitcoin in 2009.

For more information, visit: https://chia.net/

About Stably

Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing fiat gateways, multi-chain stablecoins, and cross-chain bridged tokens to users of Web3 applications. Stably’s mission is to power this decade’s next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems.

To learn more about Stably, visit stably.io

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RISK DISCLAIMER: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value and even principal. Bridged or wrapped digital assets (e.g. WBTC) involve additional risks, such as technical challenges, higher fees, security vulnerabilities, and reliance on third-party custodians. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please visit: stably.io/terms-of-service

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