USDA Stablecoin will be launched with Cardano support! The USDA will be the first in a comprehensive regulatory and regulatory framework to support Cardano’s ecosystem, Emurgo said.
The official trading board and founding company of the Cardano blockchain, plans to launch USDA, a US-pegged stablecoin, in early 2023, the company said. The USDA will be the first fully integrated and regulated cash flow in the Cardano ecosystem.
Stablecoins are tokens, or baskets of assets backed and pegged to fiat currency, such as the US dollar. They serve as the gateway to the crypto market for traditional market participants and are also used in the ecosystem such as trading, lending and lending applications.
USDA is part of the Anzens product of Emurgo, a large initiative that will provide users with many financial services and products that run on Cardano-based assets. These features include lending and borrowing services, crypto card payments, and bridges between traditional marketplaces and non-profit applications (dApps).
This could help boost the financial ecosystem of Cardano (DeFi), which closed more than $53 million on Friday, according to DeFillama data. That’s an 82% drop from March’s peak of more than $300 million.
USDA Stablecoin will be released in 2023
USDA plans to launch the Anzens platform in the first quarter of 2023, where users will be able to convert their USD to USDA via credit/debit card, money transfer or ADA conversion, Emurgo said. Emurgo has partnered with the U.S. Treasury Department as a banker to provide the USDA, ensuring that the stablecoin is well-supported and compliant with guidelines, Emurgo said, on condition of anonymity. the company.
Along with USD tokenization, Emurgo will enable the conversion of other stablecoins, such as USD Coin (USDC) and Tether (USDT) into USDA, and long-term plans to convert to cryptocurrency exchanges such as bitcoin, ether and other cryptocurrencies .
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