Cardano (ADA) will have its own stablecoin from the first quarter of 2023. Backed by the US dollar, the USDA will be the first product in the Azens range, a series of tools aimed at bridging the gap between finance traditional and decentralized finance (DeFi) for the Cardano ecosystem.
Cardano (ADA) se prépare à lancer son propre stablecoin : l’USDA
Cardano announces the arrival of its stablecoin
emurgothe trading arm of the Cardano (ADA) blockchain, has just announced the upcoming arrival of the USDA, its own stablecoin backed by the US dollar.
#EMURGO, the official commercial arm and a founding entity of the @Cardano #blockchain, announces the planned launch of its new US Dollar-backed stablecoin, #USDA. A first fully fiat-backed, regulatory compliant #stablecoin in the #Cardano ecosystem.
🔗:https://t.co/I035EKi78f pic.twitter.com/uyCO9SOe8Z
— EMURGO (@emurgo_io) November 18, 2022
Advertised as “the first blockchain-regulated stablecoin backed by fiat currency”, USDA is expected to enter the market in the first quarter of 2023. The announcement of this new stablecoin makes sense, as this type of cryptocurrency is now displayed as the centerpiece of decentralized finance (DeFi) and more broadly of exchanges through the blockchain, and this above all for their value impervious to market volatility.
Regarding Cardano’s reserve to insure the USDA, the company assures that its stablecoin will be fully insured with its cash equivalent:
“EMURGO has partnered with a US-based regulated financial services company for custody of cash deposits, ensuring that the stablecoin is fully compliant and meets regulatory guidelines. Backed by “real-world” assets, the USDA provides strong long-term price stability, which could unlock more reliable financial services for the Cardano ecosystem. »
👉 Discover our presentation of the Cardano ecosystem
Alyra, training to integrate the blockchain ecosystem ⛓️
The Azens range makes its debut
According to the statement, users of the Cardano blockchain will be able to afford USDA by paying directly by credit cardby bank transfer or simply by exchanging their ADA tokens for this new asset.
For Vineeth Bhuvanagri, CEO of Emurgo FintechUSDA signs new opportunities for the unbanked:
“The USDA is a native asset, freely tradable on Cardano, and backed by US currency. This stablecoin not only provides stability for investors who conduct financial transactions on the blockchain, but it paves the way for the Cardano ecosystem to solve a problem that only we can solve: banking the underbanked. »
The USDA Roadmap includes native conversion from other stablecoins such as USDT or USDC, but also from cryptocurrencies outside the Cardano ecosystem such as Bitcoin (BTC) or Ether (ETH). There is currently no date announced for these features.
The USDA registers as the first product in the Azens rangea series of future tools aimed at bridging traditional finance and DeFi.
ADA’s price was unresponsive to the news, with the cryptocurrency currently trading at $0.32 after losing 2% over the past 24 hours.
👉 In The News – MNBC: FED launches digital dollar pilot with finance giants
The reference platform to buy and trade more than 600 cryptos
10% off your fees with code SVULQ98B 🔥
Source: Emurgo
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
472 items
