Cardano (ADA) Emurgo, the official commercial wing and co-founder of the blockchain, said it plans to launch USDA, its USD-indexed stablecoin, in early 2023.
USDA To Be The First Fiat-Backed Stablecoin In The Cardano Ecosystem
USDA will be the first fully fiat-backed, regulatory-compliant stablecoin in the Cardano ecosystem.
Emurgo Fintech General Manager Vineeth Bhuvanagiri said:
“The launch of a fully fiat-backed, regulatory stablecoin is the next step in bringing the future to life for our community.”
USDA is part of Emurgo’s Anzens, a broader plan to offer users a variety of financial services and products that run on Cardano-based assets.
These plans include lending and borrowing services, cryptocurrency based card payments and bridges between traditional markets and decentralized applications (dApps).
This could help support Cardano’s decentralized finance (DeFi) ecosystem, which is worth just over $53 million as of Friday, according to DeFiLlama data. That’s an 82% drop since March’s high of over $300 million.
Emurgo said that USDA is scheduled to launch on the Anzens platform in the first quarter of 2023 and users will be able to tokenize their USD to USDA via credit/debit cards, wire transfer or conversion of ADA.
Emurgo said the company, without naming it, has partnered with a regulated financial services company based in the United States as its banking partner to launch the USDA, ensuring the stablecoin is fully compliant and compliant with regulatory guidelines.
Besides tokenization of the dollar, Emurgo is coming soon USD Coin (USDC) and Tether (USDT) It will enable conversion of other stablecoins such as USDA and Bitcoin, Ethereum and will make long-term plans to enable the conversion and exchange of coins like other cryptocurrencies.
*Not investment advice.
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