Emurgo, the official commercial arm and founding entity of the Cardano ADA/USD, recently announced the launching of the first fully fiat, regulatory compliance stablecoin in the Cardano ecosystem.
The USDA USDA/USD will be in compliance with regulations thanks to cooperation with an unnamed U.S.-based financial services company that will act as the stablecoin’s banking partner.
The backing of real-world assets by the USDA will contribute to robust and long-term price stability, perhaps paving the way for the Cardano ecosystem to get more dependable financial services.
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“The Cardano ecosystem was built on the ethos of bringing real-world applications to crypto and creating the foundation to build the economy of the future. The introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future for our community,” said EMURGO Fintech Managing Director Vineeth Bhuvanagiri.
“USDA is a native asset, freely exchangeable on Cardano, and backed by U.S. currency. This stablecoin not only offers stability to investors conducting financial transactions on the blockchain but advances a path forward for the Cardano ecosystem to address a problem we are uniquely positioned to solve — banking the underbanked.”
USDA is anticipated to go live In the first quarter of 2023 on the Anzens platform, allowing users to tokenize their USD into USDA through credit and debit cards, wire transfers, automated clearing houses or the conversion of ADA. Along with the tokenization of USD, according to Emurgo it will soon be possible to convert other stablecoins such as USDC USDC/USD and USDT USDT/USD to USDA in a secure and simple manner.
There are also plans to support the conversion and swapping of other cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD in the future.
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