EMURGO will launch its first Cardano-regulated stablecoin, USDA, in Q1 2023

EMURGO, the official trading arm and founding entity of the Cardano Project (ADA), owns announce Launch of the first fully fiat-backed, regulatory-compliant stablecoin; USDA, Cardano Ecosystem.

Cardano for a fully regulated stablecoin backed by the US dollar

EMURGO announced that it has partnered with a US-based regulated financial services firm to develop the first fully backed, regulatory-compliant stablecoin in the Cardano ecosystem.

USDA, the stablecoin developed by EMURGO, will be backed by US dollars, combining low-cost, fast, and resource-efficient infrastructure with the stability of the US dollar. The stablecoin will be launched before the end of the first quarter of 2023.

Vineeth Bhuvanagiri, Emurgo’s Fintech Managing Director, said that “the introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future for our community.”

EMURGO says that the USDA stablecoin will solve ADA price volatility that restricts users from taking full advantage of Cardano’s global, unlicensed nature. Immorgo chirp:

The USDA stablecoin is part of the Emurgo Anzens family of products. This line aims to bridge the gap between “traditional financial institutions (TradFi) and decentralized finance (DeFi) protocols.”

According to EMURGO, the Anzens suite will also include lending and borrowing services, crypto-based card payments, and bridges between traditional marketplaces and dApps.

The introduction of the USDA stablecoin is expected to help boost Cardano’s DeFi ecosystem. You will do this by making it more sustainable, robust and resilient.

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