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Cardano Ecosystem

EMURGO

07/21/2023

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A Product Update on Anzens and USDA Stablecoin

While ready from a technological standpoint, regulatory headwinds require a pause of USDA and Anzens as we explore alternatives for launch.

A Product Update on Anzens and USDA Stablecoin

We recently wrote about our diligent work and product readiness on USDA, our fiat-backed stablecoin for Cardano, and Anzens, our financial services platform that has been built in compliance with both current U.S. regulations and potential new legislation and compliance standards. 

Over the past several months in the U.S., however, there has been significant uncertainty facing systemically important financial partners of stablecoin providers, which are crucial for sustaining a fully functional stablecoin marketplace. Our hope was this environment would have stabilized by now. 

In light of this and the continued regulatory uncertainty around stablecoins in the U.S., and after discussions with our stakeholders and various dApps within the Cardano ecosystem, we’ve made the difficult decision to pause the USDA stablecoin and Anzens launch at this time. 

We remain committed to bringing these products to market and are exploring other possibilities to ensure USDA and Anzens will enable the economic growth, innovation, and financial freedom EMURGO sought to deliver. While we are confident in the quality of our product, the current timing and uncertainty in the U.S. present unforeseen challenges and risks we are not comfortable exposing our ecosystem to at this time. 

We understand the importance of moving forward – especially because our goal of financial freedom is a very deeply personal one to us and for the Cardano ecosystem – however we believe it is crucial to ensure we have clear guidance and a secure path forward before proceeding.

We will continue to update the community as matters progress and thank you for your patience and understanding.  

If you’d like to give us ideas and feedback, reach out to us at [email protected]. We’d love to hear from you.

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ORIGINAL SOURCE

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