David – Cryptocurrency Expert
Cardano will have its first stablecoin backed by USD
The stablecoin would comply with regulations, according to EMURGO
The Cardano community is happy about this development since it will aid the DeFi market
After one of its founder companies, EMURGO, declared that the USDA stablecoin would debut on the proof-of-stake network. Cardano will at long last have its own fiat-backed stablecoin.
On November 18, EMURGO declared that the stablecoin will be entirely compliant with all applicable regulations and built to shield Web3 participants from the inherent volatility of the cryptocurrency market. To guarantee that the stablecoin offers long-term price stability, the US Dollar will fully support it.
A US-based, unnamed, licensed financial services firm will serve as the custodian for cash deposits, according to EMURGO, which has cooperation with the firm. Additionally, it mentioned that the debut product from its new Anzen suite will be USDA. This suite will concentrate on integrating cryptocurrency with conventional financial services.
Users can tokenize their dollars and spend them on the Cardano network through the Anzen interface. Lending, bridges between dApps and regular finance and cryptocurrency debit cards are all planned for Anzen.
The latest announcement has been well received by the Cardano community. Before the arrival of USDA, other stablecoins might have also been released on Cardano. In the 4th quarter of 2022, Djed stablecoin is expected to be released.
A stablecoin based on Cardano has been the subject of discussion for some time. According to several observers, it will aid in pushing the Cardano decentralised finance (DeFi) ecosystem, which is currently miles away from its over $300 million peak in March and has a TVL of $53.32 million.
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