EMURGO, the official business arm and a founding partner of the Cardano blockchain, announces its planned unveiling of USDA, a U.S. Dollar-backed stablecoin that is the initial product in its ‘Anzens’ suite of services for connecting conventional financial services to cryptocurrency. USDA is the first fiat-backed, regulatory compliant stablecoin in the Cardano Ecosystem. Powered by Cardano’s secure, low-cost and eco-friendly blockchain technology and backed by the stability of the U.S. Dollar, USDA is intended to protect Web3 businesses and customers from crypto market volatility. This new stablecoin product maintains the value of investors’ digital assets by tying them to the U.S. dollar, decreasing instability and enabling quick global transfers without having to rely on old banking and payment systems.
“According to EMURGO Fintech Managing Director Vineeth Bhuvanagiri, the Cardano ecosystem was designed with the mission of bringing crypto into real-world applications and laying down the groundwork for a future economy. The introduction of a fiat-backed, compliant stablecoin is an important step in achieving this goal,” explained Bhuvanagiri. “USDA is an asset native to Cardano and can be exchanged freely; it is backed by US currency, offering investors protection when making financial transactions on the blockchain and paving the way for Cardano’s ecosystem to serve those who are not typically served by traditional banking.” EMURGO has joined forces with a licensed financial services firm in the US to secure cash deposits, making sure that the stablecoin is compliant with regulations. Supported by tangible resources, USDA brings stable prices over time which could potentially open up more dependable financial services within the Cardano ecosystem.
USDA is the initial offering of Anzens, EMURGO’s new suite of products which endeavors to bridge the divide between traditional finance (TradFi) and DeFi. Anzens will provide a gateway to regulated financial services products available within the Cardano Ecosystem wherein users can convert their dollars into tokens and move them as a Cardano-native asset. “Anzens is an important step towards utilizing the Cardano ecosystem for resolving some of the major obstacles that crypto faces when creating real-world applications connecting seamlessly with traditional financial services,” Bhuvanagiri added. “From managing Web3 balance sheets, to making card payments directly with crypto, to better lending and borrowing services, Anzens will establish a benchmark for secure gateways between TradFi and DeFi.”
The USDA is due to be implemented on the Anzens platform during the first quarter of 2023, where users will have the option of converting their USD into USDA using a credit/debit card, wire transfer, ACH or ADA. Additionally, EMURGO will make it possible to exchange other stablecoins like USDC and USDT for USDA as well as to swap cryptocurrencies such as BTC and ETH. The overall aim is for Anzens’s range of products to include regulated borrowing and lending services, crypto-USD exchanges for immediate card payments, plus stake pools that pay out rewards in USDA. For further information and to be added to the list, go to www.anzens.com.
EMURGO, the official commercial arm of Cardano, offers socially beneficial solutions to address complex issues faced by organizations. As one of the founders of the Cardano protocol, EMURGO can take advantage of its capacities for large-scale blockchain development and quick implementation of solutions that benefit its global customers. It has offices in the U.S., Singapore, India, Indonesia, Middle East and Africa and many international clients and partners. To find out more information visit emurgo.io
