Cardano (ADA) will have its own stablecoin from the first quarter of 2023. Backed by the United States dollar, the USDA will be the first product in the Azens range, a set of tools aimed at bridging the gap between traditional finance and decentralized finance ( DeFi) for the Cardano ecosystem.
Cardano announces the arrival of its stablecoin
emurgothe trading arm of the Cardano blockchain (ADA), just announced the upcoming arrival of the USDA, its own stable dogs backed by the US dollar.
#EMURGOthe official commercial arm and founding entity of the @Cardano #blockchainannouncing the planned launch of its new US Dollar-backed stablecoin, #USDA. The first fully supported, regulatory compliant #stable in the #Cardano ecosystem.
🔗: https://t.co/I035EKi78f pic.twitter.com/uyCO9SOe8Z— EMURGO (@emurgo_io) November 18, 2022
Billed as “the first fiat currency backed blockchain regulated conflict”, USDA is expected to enter the market in the first quarter of 2023. The announcement of this new stable makes sense, because this type of cryptocurrency is now shown to be the center of decentralized finance (DeFi) and more widely exchanges through the blockchain, and this above all for its impervious value to the volatility of the market.
Regarding Cardano’s reserve to insure the USDA, the company declares that its cash equivalent will be fully insured with its stable:
“EMURGO has partnered with a regulated financial services company based in the US to hold cash deposits, ensuring that the stablecoin is fully compliant and meets regulatory guidelines. Backed by “real” 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 they will be able to pay USDA by direct credit card paymentby 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, backed by US currency. This stablecoin not only provides stability for investors who make 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 banks below banks. »
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 announced date for these features.
The USDA registers as the the first product in the Azens rangea futuristic set of tools aimed at connecting traditional financing and DeFi.
The price of ADA did not react to the news, with the cryptocurrency currently trading at $0.32 after losing 2% in the last 24 hours.
👉 In the News – MNBC: FED launches digital dollar pilot with financial giants
The reference platform to buy and trade more than 600 cryptos
10% off fees with code SVULQ98B 🔥
Source: Emurgo
Newsletter 🍞
Get a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliates. 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 influence 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 responsible, directly or indirectly, for any damage or loss incurred after the use of a product or service highlighted in this article on him. Investments involving crypto-assets are inherently risky, 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, high risk is associated with a product with high return potential. This risk must be in line with your project, your investment horizon and your ability to lose some of these savings. Do not invest unless you are prepared to lose all or part of your capital.
To go further, read our Financial Status, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I wrote articles for Cryptoast to help make blockchain more accessible to everyone. Surely cryptocurrencies will change the future very soon.
Maximilien Pru
471 items
Related posts:
Wall Street responsible for the explosion on the UST stablecoin (LUNA)? 
After Musk’s Twitter takeover: Cardano is focused on the ADA-DOGE alliance 
Cardano Price Prediction: Secret Notice Ahead, Using D2T to Predict ADA Price Soon? 
Cardano price forecast: ADA with 40 percent price potential this week
