Cardano (ADA) blockchain’s commercial arm has disclosed its plans to release a new fiat-backed crypto asset tethered to the US dollar.
According to an announcement from EMURGO, USDA (the first-ever USD-backed stablecoin for the Cardano ecosystem) will go live early in 2023.
EMURGO stated that the stablecoin was developed in order to protect investors and Web3 companies from the uncertainty of the crypto markets. This is made possible by merging the long-term stability of the US Dollar with the high security, low costs, and renewability of the ADA blockchain.
Seeking to close the gap between conventional finance and decentralized finance (DeFi), the company also claims that the crypto asset is fully compliant with existing legislation and is assured to be backed 1:1.
To ensure that the stablecoin complies with all regulations, EMURGO has teamed with a US-based regulated financial services organization to custody monetary deposits.
The company announced that — in addition to enabling customers to tokenize their dollars and transfer them as native ADA assets — EMURGO’s Anzens product line will offer access to goods supplied on the Cardano blockchain.
Early this year, EMURGO was established to simplify the development of Cardano’s decentralized apps (DApps). It was launched in two parts, the first of which a modular toolkit was provided, and the second gave developers access to ADA’s ecosystem.
