Forex in this article
• First stablecoin for Cardano planned for 2023
• Banking services for the underbanked
• Regulatory compliance at a glance
The developer of the Cardano blockchain and its commercial arm, EMURGO, has announced the first Cardano stablecoin. The coin is said to be called USDA and is pegged to the US dollar.
#EMURGOofficial business arm and founding entity of @Cardano #blockchainannounces the planned launch of its new US dollar-backed stablecoin, #USDA. A fully fiat-backed first, compliant with regulations #stablecoin in the #Cardano ecosystem.
🔗: https://t.co/I035EKi78f pic.twitter.com/uyCO9SOe8Z
– EMURGO (@emurgo_io) November 18, 2022
Banking services for people without access to banking services
“The Cardano ecosystem was built on the philosophy of bringing real-world applications to the crypto world and laying the foundation for building the economy of the future,” quoted Vineeth Bhuvanagiri, CEO of EMURGO. , in a press release. “Launching a fully secure and regulatory compliant stablecoin is the next step in realizing the future of our community,” Bhuvanagiri continued.
The USDA is designed as a freely tradable asset on Cardano and aims to provide investors with stability in financial transactions on the blockchain. The coin is also intended to pave the way for the Cardano ecosystem to solve a problem for which his company is particularly well placed: to provide banking services to people who do not have sufficient access to financial services and products intended for customers of detail.
USDA is expected to launch on the Anzens platform in early 2023. Users should then be able to convert their US dollars to USDA via credit/debit card, wire transfer, ACH or ADA conversion. In addition to USD tokenization, EMURGO aims to enable the secure and convenient conversion of other stablecoins, including USDC and USDT, into USDA. There are also other plans to enable the conversion and exchange of cryptocurrencies such as Bitcoin and Ethereum.
In the press release, EMURGO points out that the stablecoin is regulatory compliant. To ensure this, they partnered with a US-based financial services company “to hold cash deposits and ensure the stablecoin is fully compliant and within regulatory guidelines.” The company’s name was not mentioned in the statement.
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