Flashnet to Launch First $-Backed Stablecoin on Bitcoin
Flashnet and Brale are set to launch the USDB stablecoin, a dollar-denominated Bitcoin token backed by Treasury bills, on the Spark layer-2 network later this summer. Magic Eden, a major NFT marketplace, will assist with distribution.
- A new dollar-pegged stablecoin will be issued on Bitcoin’s layer-2 solution, Spark.
- Created by Flashnet in partnership with U.S.-licensed entity Brale.
- Designed to provide on-chain dollar liquidity directly on Bitcoin.
Bitcoin lacks a fundamental financial tool: a native, dollar-denominated stablecoin. While other Bitcoin stablecoins exist, they typically use Bitcoin as collateral, not U.S. dollars.
USDB aims to fill this gap. Flashnet CEO Ethan Marcus described it as “the first fiat-backed stablecoin on Bitcoin.” Unlike previous Bitcoin stablecoins, which were often synthetic or wrapped versions carrying potential counterparty risks, USDB is directly backed by Treasury bills.
USDB’s launch is strategically timed to coincide with a partnership with Magic Eden, Bitcoin’s largest NFT/DeFi marketplace. The integration is intended to provide immediate utility and liquidity pools within the platform.
Industry leaders view this launch as significant. Flashnet CEO Marcus emphasizes its potential to enable “frictionless DeFi primitives” on Bitcoin, allowing for direct BTC-to-stablecoin trading without bridges. Magic Eden’s Chief Business Officer Chris Akhavan calls it a “no-brainer partner” to accelerate adoption.
USDB: Enabling On-Chain Dollar Functionality
According to Flashnet, USDB introduces native, familiar financial functions to Bitcoin’s ecosystem.
For traders, USDB enables the creation of BTC-stablecoin pairs, removing the need for custodial solutions or off-chain settlement layers. Users can trade Bitcoin directly against a stable unit of account for the first time.
Institutional users can hedge Bitcoin exposure and manage dollar-denominated on-chain assets without moving funds off the Bitcoin network. This enhances risk management while preserving Bitcoin’s base layer security.
Developers gain access to a reliable, dollar-denominated financial primitive for building applications. USDB offers predictable infrastructure for payments, trading, and application logic, allowing developers to leverage familiar financial rails within a Bitcoin-native environment.
“It gives users clear pricing. No one priced anything in BTC,” said Marcus. “Users can quote and trade with their USDB, and save in BTC.”
Magic Eden Integration
The USDB launch will occur later this summer through Magic Eden’s platforms. The stablecoin will be integrated across Magic Eden’s mobile applications and dApp interface.
Key integration features include:
Flashnet and Magic Eden executives highlight the strategic value of the partnership. “Magic Eden has one of the best brands in Bitcoin DeFi, as well as incredible reach in the ecosystem,” Marcus noted. Akhavan emphasized that “USDB being built natively on Bitcoin will enable frictionless DeFi primitives and create endless opportunities for builders.”
USDB is presented as a foundational step toward building a truly native financial system on Bitcoin, merging the network’s core monetary characteristics with the everyday practicality of the dollar currency.
