Cardano blockchain to launch USDA-linked stabelcoin
Emurgo, the company behind the development of the Cardano ecosystem, announced a USDA stabelcoin pegged to the U.S. dollar. The instrument is scheduled to launch on the main network in Q1 2023.
Emurgo is the commercial wing and one of the co-founders of the Cardano project.
USDA will become part of the Anzens platform. The latter will offer users a variety of financial services and products based on Cardano. In particular, the developers plan to launch a lending service.
According to a press release, the instrument is a stabelcoin, which is fully backed by fiat and "complies with regulatory requirements." Emurgo's partner, an unnamed "regulated financial company based in the United States," will hold the reserves and deposits.
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The USDA is expected to play an important role in the development of the Cardano ecosystem and potentially increase its sustainability. The developers also noted that Anzens will "bridge the gap" between the traditional financial system and cryptocurrencies.
What is Cardano (ADA)?
- Cardano is a blockchain platform based on the Proof-Of-Stake algorithm, written in the Haskell programming language and designed to create decentralized applications based on smart contracts.
- Cardano (ADA) is the native cryptocurrency of the Cardano blockchain. ADA coins can be delegated to the network's stacking pools, including through the most popular wallets Daedalus and Yoroi.
- Cardano has implemented a number of unique architectural solutions, which was made possible by a large research community. Its representatives publish a large number of peer-reviewed scientific papers on the development of the blockchain project.