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Emurgo, a founding member of the Cardano blockchain and its official commercial arm, said it will introduce USDA, a regulated stablecoin linked to the United States, in the first quarter of 2023. USDA will be the first stablecoin in the Cardano ecosystem with complete regulatory compliance and fiat backing.
Launch of Regulated Stablecoin
In an interview, Emurgo Fintech Managing Director Vineeth Bhuvanagiri said the launch of a completely fiat-backed, regulated stablecoin is the next step towards achieving the potential for the community. Stablecoins are digital currencies supported by one or more assets and linked to fiat money like the dollar. They provide traditional market players with a gateway into the cryptocurrency market and are widely utilized throughout the ecosystem as trading, borrowing, and lending tools.
USDA - Component of Emurgo's Anzens Offering
USDA is a component of Emurgo's Anzens offering, a larger scheme that would provide consumers with several financial services and goods operating on Cardano-based resources. These proposals include decentralized apps (dApps), card payments using cryptocurrency, lending and borrowing services, and connections between conventional marketplaces. According to Emurgo, the USDA intends to become live on the Anzens network in the first quarter of 2023, allowing users to tokenize their USD into USDA using credit/debit cards, wire transfers, or exchange of ADA.