The Cardano-based regulated stablecoin USDA will launch in early 2023.
Besides tokenization of USD, Emurgo will soon enable other stablecoins such as USD Coin (USDC) and Tether (USDT) to be converted to USDA. It will also make long-term plans to enable the conversion and exchange of cryptocurrencies such as Bitcoin, Ethereum and other cryptocurrencies.
Cardano-Based Stablecoin Coming In 2023
Emurgo, the official commercial arm and co-founder of the Cardano blockchain network, plans to launch USDA, a dollar-pegged stablecoin, in early 2023.
USDA will be the first fully fiat-backed, regulatory-compliant stablecoin in the Cardano ecosystem. The USDA is part of Emurgo’s Anzens product, a broader plan to offer users a variety of financial services and products that run on Cardano-based assets. These plans include lending and borrowing services, crypto-based card payments, and bridges between traditional markets and decentralized applications (dApps).
In a note to CoinDesk, Vineeth Bhuvanagiri, Managing Director of Emurgo Fintech, said:
“The launch of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future of our community.”
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