Cardano’s (ADA) fiat-backed and fully regulated stablecoin USDA is set to go live, why is this crucial?
Cardano (ADA) is a novel stablecoin asset designed to make the DeFi ecosystem more sustainable, robust and resilient. From day one, the coin will be fully regulatory-compliant and backed by fiat US dollars.
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.
The new stablecoin will be backed only by fiat assets, merging the benefits of Cardano’s (ADA) low-cost, fast and resource-efficient infrastructure with the stability of the world’s reserve currency, the US dollar.
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.
Enzance is promoted by Emurgo as a “new product suite” designed to bridge the gap between traditional financial institutions (TradeFi) 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), the Djed stablecoin could be launched on mainnet in 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 for regulated financial services products offered within the Cardano ecosystem, in which anyone can tokenize their dollars and transfer them as Cardano-native assets.
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.
