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. »
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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.
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