2 Big News for Cardano (ADA): Date Announced!

EMURGO has announced plans to launch the first USD-backed stablecoin of the Cardano ecosystem in Q1 of 2023. ADA founder Charles Hoskinson has unveiled the new data protection-based Blockchain.

First USD-backed stablecoin launched on Cardano

Blockchain technology company and the official commercial arm of Cardano EMURGO recently introduced a stablecoin called ‘USDA’ in the Cardano ecosystem, as we reported on cryptokoin.com. The company plans to launch its first US dollar-backed stablecoin in the first quarter of 2023. It also states that it will fully comply with legal regulations. The main point of stablecoin is to provide investors and businesses in the cryptocurrency space with the opportunity to hold a fully fiat-backed asset on the Cardano protocol, which is resistant to crypto volatility.

EMURGO made an official announcement on Friday. Accordingly, he plans to establish the USDA on the Anzens platform. The Anzens suite of products provides lending and borrowing services to customers. It also builds bridges between dApps and traditional finance-specific protocols. It provides a wide range of services on similar protocols. Thus, it aims to promote the adoption of ADA-based assets.

EMURGO says the USDA will fully comply with the regulations. It also states that it will stand out from the rest due to its reliance on Cardano Blockchain, which promises high throughput for low-cost transactions and on-chain settlements. In addition, EMURGO has partnered with a US-based regulated financial institution to provide custody of cash deposits. About the development, Vineeth Bhuvanagiri, Managing Director of EMURGO FinTech, said:

The Cardano ecosystem was built on the ethos of bringing real-world applications. A fully fiat-backed, regulatory-compliant stablecoin will be the next step in realizing the future of our community.

A new project is coming to the Cardano ecosystem

Charles Hoskinson has announced a new Cardano project called Midnight. The project is a data protection-based Blockchain designed for developers and humanity. Hoskinson announced the project at the ongoing Cardano IO ScotFest: The Age of Voltaire. He also shared the development on his Twitter account.

Midnight is a data protection-based Blockchain that helps protect sensitive personal and business data. The project aims to help protect the fundamental freedoms of individuals, developers and companies by protecting sensitive business and personal data. The official Midnight website features the following adjacency:

Midnight will allow developers to use multiple programming languages, starting with Typescript, to quickly create and deploy data protection priority DApps. This will enable companies to share mission-critical information without fear of leaks or censorship.

According to IOHK, Midnight is currently in development. IOG said it will share more details about the project as development progresses.