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.
Cardano to get a fully regulated USD-backed stablecoin
EMURGO 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:
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.
The 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.
Sourced from dailycoin.com.
Written by
by Milko Trajcevski on 2022-11-21 16:00:43.
