Cardano's DeFi Ecosystem Receives First Fiat On-Ramp with Stablecoins: Details

As Cardano-based DeFis are taking their first baby steps, their customers need secure and decentralized on-ramps and off-ramps for fiat money and stablecoins.

Cardano's native assets become payment instruments

According to the official announcement by COTI Network (COTI), a digital assets payments platform, it has entered into a partnership with Ardana, a stablecoin hub on Cardano (ADA).

We are happy to announce that we've taken the first step in Defi over Cardano, by partnering with Ardana, to bring stablecoin crypto-to-fiat payments to the Cardano community,as well as consumers & merchants worldwide.https://t.co/ShZ8SbseHt@ArdanaProject @CardanoStiftung $COTI pic.twitter.com/EWz4Ou4TXD

— COTI (@COTInetwork) September 23, 2021

Ardana is going to bring decentralized stablecoin payments to ADAPay, a native payment system for the Cardano (ADA) community. Ardana customers will be able to purchase goods with their stablecoins wherever ADAPay is accepted.

Also, Cardano-based stablecoin payments will be accessible for millions of merchants worldwide, protecting them from being exposed to the volatility of cryptocurrency assets.

Shahaf Bar-Geffen, CEO of COTI, claims that Cardano's native assets become acceptable in ADAPay mainstream digital payments system:

Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operation.

Cardano (ADA) expands its bet on DeFi and NFT

Ryan Matovu, founder of Ardana, stated that Cardano (ADA) and its DeFi segment look very promising in terms of e-commerce adoption worldwide:

Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life- from yield farming on-chain, to financing actual farming off-chain.

As covered by U.Today previously, Cardano (ADA) reaffirms its strategy of expanding into the DeFi and NFT spheres. On Sept. 16, its devs from EMURGO shared the details of the Astarter DeFi hub for wallets, DEXs and launchpads.

Also, Cardano's Yoroi wallet has been adjusted for transfers of non-fungible tokens.