EMURGO, the official commercial arm and a founding entity of the Cardano blockchain, has announced the upcoming launch of USDA, a new USD-backed stablecoin. USDA is the Cardano ecosystem’s first fully fiat-backed, regulatory-compliant stablecoin.
USDA aims to leverage the stability of the US dollar combined with Cardano’s security, low fees, and eco-friendly blockchain to protect Web3 companies and consumers from crypto market volatility. This new stablecoin offering secures the value of investors’ crypto assets by pegging them 1:1 to the US dollar, reducing volatility, and enabling fast global transactions without the delays associated with legacy banking and payment infrastructure.
How could USDA Boost Cardano Ecosystem
USDA is a component of Emurgo’s Anzens product, which is part of a larger plan to provide users with a variety of financial services and products based on Cardano-based assets. Lending and borrowing services, crypto-based card payments, and bridges between traditional markets and decentralized applications are among the plans (dapps).
“The Cardano ecosystem was built on the thos of bringing real-world applications to crypto and laying the groundwork for the future economy.” The introduction of a fully-fiat backed, regulatory-compliant stablecoin is the next step in realizing the future for our community,” said Vineeth Bhuvanagiri, Managing Director of EMURGO Fintech.
USDA is expected to go live on the Anzens platform in Q1 2023, allowing users to tokenize their USD into USDA using credit or debit cards, wire transfers, ACH transfers, or ADA conversions. Along with the tokenization of USD, Emurgo will soon make it possible to securely and conveniently convert other stablecoins such as USDC and USDT to USDA. Other cryptocurrencies, such as BTC and ETH, will also be supported for conversion and swapping.
What is Emurgo
EMURGO is Cardano’s official commercial arm, offering socially impactful solutions to some of the most complex organisational problems. As a founding entity of the Cardano protocol, EMURGO is able to benefit its global clients by leveraging its abilities for large-scale blockchain development and rapid solution deployment. EMURGO has offices in the United States, Singapore, India, Indonesia, the Middle East, and Africa, as well as a global client and partner base.