DailyCoin
Published Nov 21, 2022 11:00AM ET
Updated Nov 21, 2022 12:30PM ET
EMURGO will Launch Cardano’s First Regulated Stablecoin, USDA, in Q1 of 2023
EMURGO, the official commercial arm and a founding entity of the Cardano (ADA) project, has announced the launch of the first fully fiat-backed, regulatory-compliant stablecoin; USDA, for the Cardano ecosystem.
h2 Cardano to get a fully regulated USD-backed stablecoin/h2EMURGO announced that it has formed a partnership with a U.S.-based regulated financial services company to develop the first fully fiat-backed, regulatory-compliant stablecoin in the Cardano ecosystem.
USDA, the stablecoin developed by EMURGO, will be backed by the U.S. Dollar, combining Cardano’s low-cost, fast and resource-efficient infrastructure with the stability of the USD. The stablecoin will launch before the end of Q1 2023.
Vineeth Bhuvanagiri, Emurgo’s Fintech Managing Director, said that “the introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future for our community.” EMURGO says that the USDA stablecoin will solve the ADA price volatility that has been restricting users from taking full advantage of the permissionless and global nature of Cardano. EMURGO tweeted:
.tweet-container,.twitter-tweet.twitter-tweet-rendered,blockquote.twitter-tweet{min-height:261px}.tweet-container{position:relative}blockquote.twitter-tweet{display:flex;max-width:550px;margin-top:10px;margin-bottom:10px}blockquote.twitter-tweet p{font:20px -apple-system,BlinkMacSystemFont,"Segoe UI",Roboto,Helvetica,Arial,sans-serif}.tweet-container div:first-child{ position:absolute!Important }.tweet-container div:last-child{ position:relative!Important }
Backed by “real-world” assets, #USDA provides strong, long-term price stability that may eventually lead to unlocking more reliable financial services to the Cardano ecosystem. @AnzensOfficialh2 The EMUGRO Anzens suite/h2— EMURGO (@emurgo_io) November 18, 2022
The USDA stablecoin is part of Emurgo’s Anzens suite of products. This line is aimed at bridging the gap between “traditional financial institutions (TradFi) and decentralized finance (DeFi) protocols.”
According to EMURGO, the Anzens suite will also include lending and borrowing services, crypto-based card payments, and bridges between traditional markets and dApps.
h2 On the Flipside/h2The introduction of the USDA stablecoin has been predicted to help to bolster Cardano’s DeFi ecosystem. It will do so by making it more sustainable, robust, and flexible.
Read about the latest Cardano wallet in:
Cardano (ADA) Settles After Charles Hoskinson’s Lace Wallet News Trigger Price Spike
Cardano’s invite to Dogecoin is covered below:
Charles Hoskinson Invites Dogecoin (DOGE) to Become a Cardano (ADA) Sidechain for Free
See original on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.