On Friday (18 November 2022),\u00a0EMURGO, which is the commercial arm of Cardano, announced the planned launch of its new dollar-backed stablecoin USDA, which is \u201cthe first fully fiat-backed, regulatory compliant stablecoin in the Cardano ecosystem.\u201d<\/p>\n
EMURGO, which was founded in 2017, is \u201ca global blockchain technology company providing solutions for developers, startups, enterprises, and governments\u201d; and it \u201cdevelops enterprise-grade applications, builds developer tools, invests in startups, and provides blockchain education.\u201d The company has \u201coffices and manages projects in Singapore, Japan, the USA, India, and Indonesia.\u201d<\/p>\n
According to EMURGO\u2019s press release, USDA \u201cleverages the stability of the U.S. Dollar combined with Cardano\u2019s security, low fees, and eco-friendly blockchain\u201d and offers \u201clocks in the value of investors\u2019 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.\u201d<\/p>\n
EMURGO says it has \u201cpartnered with a regulated financial services company based in the United States to custody cash deposits, assuring the stablecoin is fully compliant and adheres to regulatory guidelines.\u201d The hope is that USDA will \u201ceventually lead to unlocking more reliable financial services to the Cardano ecosystem.\u201d\u00a0<\/p>\n
USDA is part of Anzens, EMURGO\u2019s new product suite, which \u201caims to bridge the gap between traditional finance (TradFi) and DeFi.\u201d Anzens will \u201cprovide a portal to regulated financial services products offered within the Cardano ecosystem wherein anyone can tokenize their dollars and move them as a Cardano-native asset.\u201d<\/p>\n
EMURGO Fintech Managing Director Vineeth Bhuvanagiri had this to say:<\/p>\n
\u201cThe 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. <\/em><\/p>\n \u201cUSDA 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 \u2014 banking the underbanked.<\/em>..<\/p>\n \u201cAnzens is the next step in utilizing the Cardano ecosystem to address some of the biggest challenges the crypto industry faces in creating real-world solutions that seamlessly connect to the traditional financial services world. 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.<\/em>\u201c<\/p>\n EMURGO went on to say:<\/p>\n