A novel stablecoin asset is designed to make Cardano (ADA) DeFi ecosystem more sustainable, robust and flexible. Since day one, the coin will be fully regulatory-compliant and backed by fiat U.S. Dollar.
Cardano (ADA) new stablecoin USDA introduced by Emurgo
According to the official announcement by Emurgo, one of the teams behind Cardano (ADA) blockchain and related solutions, its partner, Anzens, is going to launch Cardano-based stablecoin USDA.
#EMURGO, the official commercial arm and a founding entity of the @Cardano #blockchain, announces the planned launch of its new U.S. Dollar-backed stablecoin, #USDA. A first fully fiat-backed, regulatory compliant #stablecoin in the #Cardano ecosystem.— EMURGO (@emurgo_io) November 18, 2022
The new stablecoin will only be backed by fiat assets to merge the benefits of Cardano's (ADA) low-cost, fast and resource-efficient infrastructure with the stability of the U.S. Dollar, the world's reserve currency.
Emurgo's Anzens, the team that is developing the new stablecoin, has already inked a partnership with a U.S.-based regulated financial services company in order to make cash deposits for USDA backing in a regulatory-compliant manner.
Anzens is promoted as a "new product suite" by Emurgo, designed to bridge the gap between traditional financial instutitions (TradFi) and decentralized finance (DeFi) protocols.
As covered by U.Today previously, Cardano's (ADA) ecosystem dApps are already integrating its first decentralized stablecoin, Djed.
More regulated fintech products for Cardano (ADA)
Developed by Input Output Global (IOG) and COTI Network (COTI), Djed stablecoin might be launched on mainnet as soon as Q4, 2022.
Also, Emurgo stressed that Anzens will be a technical platform for novel regulatory-compliant innovations on Cardano (ADA) proof-of-stake (PoS) blockchain:
Anzens will provide a portal to regulated financial services products offered within the Cardano ecosystem wherein anyone can tokenize their dollars and move them as a Cardano-native asset.
As reported by U.Today, leading stablecoin U.S. Dollar Tether (USDT) increased the share of cash and cash equivalents in its basket to a historic high.