Emurgo launching Cardano (ADA) stablecoin USDA in Q1 2023

InfoNesia.xyz – Cardano developer Emurgo will issue the first USD-backed stablecoin for the Cardano (ADA) ecosystem in Q1 2023, according to a press release on November 18, 2022.

Emurgo unveils USDA

Emurgo, the official commercial arm and a founding entity of the Cardano blockchain, has announced plans to launch USDA, a U.S dollar-backed stablecoin, in the first quarter of 2023.

The new stablecoin, USDA, will be the first fully fiat-backed, regulatory-compliant stablecoin in the Cardano ecosystem.

“The Cardano ecosystem was built on the ethos of bringing real-world applications to crypto and creating the foundation to build the economy of the future. The introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future for our community.

USDA is a native asset, freely exchangeable on Cardano, and backed by U.S. currency. This stablecoin not only offers stability to investors conducting financial transactions on the blockchain but advances a path forward for the Cardano ecosystem to address a problem we are uniquely positioned to solve — banking the underbanked.”

USDA will be fully regulatory-compliant

According to the report, the stablecoin will be built on the Anzens platform, one of the platform’s product suites built to facilitate the adoption of Cardano-backed assets. In addition, the stablecoin will be used for many services within the ecosystem, including lending and borrowing, crypto-based card payments, and bridges between traditional markets and decentralized finance (DeFi) protocols.

Speaking on Anzens, Bhuvanagiri continued: