Gold-Backed Stablecoin To Be Launched On Cardano Soon

A gold-backed stablecoin is going to be launched on Cardano soon as the DeFi liquidity protocol MELD announced its preparations to launch the stablecoin so let’s find out more in our latest Cardano ADA news.

During the crypto summit by British financial newspaper City A.M,  decentralized finance lucidity protocol MELD announced three new partnerships with Tingo Holdings, Nigeria’s largest mobile network, and Ubuntu Tribe as an ethical crypto company that tokenizes natural resources. As a part of the partnership, the Cardano-based DeFi protocol that enables users to lend, borrow and stake assets, revealed plans to launch a gold-backed stablecoin. Ken Olling who is the chairman and co-founder of MELD who wants to make trading accessible to anyone with a smartphone said:

“Our goal here is simplicity and clarity. Gold will be stored in a vault, tokenized and then fractionalised and divided so we can sell it. It’s a simple idea, but incredibly powerful because you can count on it.”

COTI is the official issuer of Cardano’s stablecoin!

As just revealed during the @CardanoStiftung summit by none other than Charles Hoskinson, COTI will become the official Djed issuer, Cardano's new stablecoin!

Read more: https://t.co/omAxVZUOow$COTI $ADA @IOHK_Charles pic.twitter.com/yschC9wdbd

— COTI (@COTInetwork) September 26, 2021

During the Cardano Summit 2021, Charles Hoskinson who is the founder of Cardano, the ADA payment gateway platform COTI will also become the official issuer of the network’s long-awaited Djed stablecoin that is described as an algorithmic token for proven price stability. According to the Cardano developer team, IOHK, Djed’s features will include upper and lower bound maintenance, robust design in an event of a crash, no insolvency, and no reserve drain possible which are all provable by mathematical theorem.

According to the head of marketing at Cardano, David Taylor, the new partnership with the Nigerian biggest mobile network will introduce MELD’s crypto services to millions of active subscribers that will boost the adoption in the country. Following the latest developments in the ecosystem, the number of ADA holders reached a new ATH and the native token has 243,000 holders with 70% of the wallet addresses holding the crypto recording profits.

Announcement from @MELD_labs and Tingo Mobile looking to bring 9m customers across Nigeria to Cardano.

As part of this partnership, there will also be a gold-backed stable coin to the protocol.#CityAMSummit @CityAM_Crypto #Cardano #CardanoCommunity @tingomobileng #Blockchain pic.twitter.com/G6zqggzBLF

— DT (@I_Am_DTaylor) September 30, 2021

As recently reported, Software development company COTI Announced that the issuance of their first stabelcoin is designed to run on Cardano and the news was also revealed by Charles Hoskison as well as Shahaf Bar-Geffen as the CEO of COTI group, during the Cardano summit in Wyoming. The Djed stablecoin will be issued on Cardano and will promote the growth of the growing ecosystem especially since blockchains are starting to support smart contracts and markets have really high expectations about the possible development of DeFi platforms on the blockchain that has been seen as the future Ethereum killer.