USDA, Cardano’s stablecoin, is unveiled

Things are moving on the stablecoin side. EMURGO, the trading arm of Cardano, unveils the first offering of its new product line Anzens, the USDA stablecoin. There is enough to make waves in the sector as this stablecoin is touted as the first of its kind to be 100% fiat-backed and regulatory compliant in the Cardano (ADA) ecosystem.

USDA, the birth of a star?

In a context where crypto users are keen on security and reliability due to recent bankruptcies like that of FTX, stable currency of Cardano (ADA) aims to be reassuring and comprehensive. This is confirmed by EMURGO Managing Director Vineeth Bhuvanagiri:

USDA is a native asset, freely tradable on Cardano and backed by the US currency. This stablecoin not only provides stability for investors conducting financial transactions on the blockchain, but paves the way for the Cardano ecosystem to solve a problem that only we can solve: banking the unbanked.

Thus, the USDA whose launch is planned for the first quarter of 2023 will come to activate the Cardano (ADA) ecosystem. Users will initially be able to receive it directly through fiat currency or ADA tokens.

Then, according to EMURGO, it will be possible to convert to other stable currencies such as USDC, as well as convert and exchange cryptos.

Regulation at the heart of USDA

USDA is also the result of a partnership with an American financial services company. This company, whose name has not been disclosed, will be responsible for the custody of fiat currency deposits.

Therefore, its users are assured of regulatory compliance. EMURGO thus removes the specter of the SEC that is chasing crypto players at the moment.

Make way for Cardano’s Anzens range

Anzens is a solution designed to bridge the gap between DeFi and TradFi. Also, EMURGO aims to provide a regulated financial services portal. Within the Cardano ecosystem, anyone can stake their dollars there and move them around as a native Cardano asset. Vineeth Bhuvanagiri refers to it as a standard in financial services:

“From web3 balance management, to card payments directly with crypto, to the best lending and borrowing services, Anzens will set the standard for safe and secure portals between TradFi and DeFi.”

The Anzens guide is full. Thus, EMURGO also wants to make available there cryptocurrency to USD conversion for instant card payments, and share pools that pay USDA rewards.

The universe of stablecoins is not a universe of rest. The current context in crypto and in DeFi in particular requires trust and transparency. To this end, a regulated stablecoin would be an adequate response to this challenge. However, only time will tell if the USDA is in line with Cardano’s (ADA) ambitions.

Source: EMERGENCY

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Paola Same avatar
paola the same

As a finance professional, I consider blockchain a real revolution thanks to all its innovations that have a global impact. It is with passion that I participate in this new digital era through my articles.

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