Initial idea:
$100M initial circulation, backed by Satoshi wallets 3 through 22
Stablecoin value: $1.39
71,942,446 initial coin supply
Potential ticker symbol: USBTC
STEPS:
Draft a “BRVC Stability Policy” outlining collateral type, reserve audit frequency, governance model, and compliance strategy
Build or adopt a Proof-of-Reserve tool so users can verify backing in real-time
Define your collateral and redemption mechanics — capped supply, mint & burn formulas, risk buffers
Map out governance: e.g. multisig signers, emergency pause functions, DAO thresholds
Plan AML/KYC and compliance logistics — especially given cross‑border implications
- Set up a Liquid node or connect to a trusted provider
- Create separate wallets for issuing USBTC, operational fees, and reserves
- Implement secure key management (multi-sig recommended)
- Set up monitoring for node health and transactions
- Maintain a list of BTC reserve addresses or xpubs
- Sign messages for each reserve wallet
- Publish PoR metadata with USBTC asset
- Automate reserve vs. supply checks
- Define 1:1 collateral ratio policy
- Automate verification that reserves ≥ USBTC supply
- Set rules for peg-in and peg-out transactions
- Establish limits for minting and burning USBTC
- Define governance for mint/burn operations
- Document audit and PoR reporting schedule
- Publish risk disclosures and disclaimers
- Keep logs of issuance, redemption, and reserve updates
- Dashboard for reserves, supply, and collateral ratio
- Publish regular snapshots with blockchain proofs
- Timestamp reports on-chain
- Optional third-party audits
- Pre-fund L-BTC for operational liquidity
- Enable redemption flow for USBTC to BTC or L-BTC
- Provide wallet support and user guides
- Test edge cases and failure scenarios
- Secure storage of all keys (cold wallets, hardware wallets, multi-sig)
- Implement disaster recovery procedures
- Monitor for unusual or suspicious activity
