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July 09, 2024

EMURGO Announces Launch Of Cardano’s Stablecoin USDA By Encryptus

In Brief

EMURGO unveiled its plans to launch the Anzens USDA stablecoin with the institutional-grade trading platform Encryptus.

EMURGO Announces Launch Of Cardano's Stablecoin USDA By Encryptus

Founding entity and commercial arm of Cardano (ADA), EMURGO unveiled its plans to launch the Anzens USDA stablecoin with the institutional-grade trading platform Encryptus. However, the specific release details have not yet been disclosed.

USDA is intended to be a fully backed stablecoin native to Cardano, allowing users to operate it autonomously and transfer it swiftly and inexpensively. The stablecoin will be pegged to the United States Dollar, with 100% reserves backed by dollars and dollar equivalents. Anzens will support various payment methods for USDA, including Bank Wires (ACH, Domestic US, SEPA Instant, and SWIFT), and will facilitate Bank Wires to over 80 countries (through Non-SWIFT) and to 40 countries via e-wallets.

Encryptus provides secure and efficient cryptocurrency transactions for users of all sizes, from individual retail customers to high-volume businesses, enabling large-scale cryptocurrency pay-ins and payouts. The platform’s trading desk model eliminates intermediaries, provides competitive fees, and ensures smooth transactions with the option to convert to local currencies. Additionally, Encryptus holds a license and Virtual Asset Service Provider (VASP) status in Lithuania, which highlights its compliance with the recently enacted Markets in Crypto-Assets (MiCA) Regulation governing the use of stablecoins within the European Union.

The collaboration between EMURGO and Encryptus will capitalize on EMURGO’s expertise in building tokenization platforms, providing strong blockchain infrastructure support to Encryptus.

EMURGO Partners With Encryptus To Enhance Cardano Utility Through Yoroi Wallet 

EMURGO‘s primary role is to provide funding, guidance, and education to businesses launching projects on the Cardano blockchain. Its goal is to bolster commercial development of the Cardano ecosystem, unlocking its potential through partnerships, investments, educational initiatives, and infrastructure development.

The company has already previously worked in partnership with Encryptus for the benefit of Cardano. In this joint effort, the entities collaborated on the open-source Yoroi Wallet, developed by EMURGO, to integrate ADA-to-fiat conversions in the Yoroi mobile applications, thereby expanding real-world utility for Cardano users.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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