The Launch of Cardano Based Stablecoin, USDA

Cardano is a public blockchain platform and open-source and decentralized. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA. The development of Cardano began in 2015, led by Ethereum co-founder, Charles Hoskinson.

EMURGO: The Founding Entity of Cardano

Cardano based regulated stablecoin USDA is expected to go live in 2023, as per the announcement by Emurgo, An ADA Developer.

EMURGO launched a USD-backed stablecoin for Cardano community that will be 1:1 (1 USD : 1 USDA,) always. EMURGO is a blockchain technology company that provides solutions for developers, companies & government. It is one of the founding entities of Cardano.

USDA is built to merge the benefits of the Cardano ecosystem with the stability of the US Dollar. Thus, crypto analysts seemed bullish on Cardano and predicted a rally in the Ethereum-killer altcoin and predicted a run up to the $0.38 level. 

According to the official site of EMURGO, USDA leverages the stability of the U.S. Dollar combined with Cardano’s security, low fees, and eco-friendly blockchain. The new stablecoin offers locks in the value of investors’ crypto assets by pegging 1:1 to the U.S. dollar, reducing volatility, and unlocking fast global transactions without legacy banking and payment infrastructure delays.

The Director’s Talk

EMURGO Fintech Managing Director, Vineeth Bhuvanagiri, said over the launch that “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.”

Mr. Bhuvanagiri also stated “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.”

“From managing Web3 balance sheets, to making card payments directly with crypto, to better lending and borrowing services, Anzens will set the standard for safe and secure portals between TradFi and DeFi,” continued Mr. Bhuvanagiri.

Additionally, USDA is planned to launch on the Anzens platform in Q1 2023 where users will be able to tokenize their USD into USDA via credit/debit cards, Wire Transfer, ACH, or conversion of ADA.

Cardano Price Prediction

Editah Patrick, a leading crypto analyst said bulls pushed Cardano price to $0.3275. It started an early recovery since the altcoin was not among tokens listed on FTX, a defunct crypto exchange.

And after the FTX Collapse, ADA price seemed to be on a positive breakout. A recovery to $0.4400 may start if buyers can hold the price steady for a few days. However, the current Cardano price is $0.328411 USD with a 24-hour trading volume of $148.83 Million USD. Cardano is up 1.31% in the last 24 hours.