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David Taylor, Head Of Marketing At Cardano Foundation Said That Gold Backed Stablecoins To Launch On Cardano

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David Taylor, head of marketing at Cardano Foundation, said that Gold-backed stablecoins to launch on Cardano.



He made the announcement on twitter:

 

Cardano has more decentralized applications and projects joining its blockchain network. MELD – a DeFi protocol that allows users to lend, borrow and stake capital on Cardano – is preparing to launch a gold-backed stablecoin network on the network.

ADA’s rise to the top five cryptocurrencies by market capitalization is likely triggered by the increase in the decentralized applications joining Cardano’s network.

COTI, a decentralized payment platform that acts as a payment gateway of Cardano, revealed the launch of Djed, an algorithmic stablecoin. Now a gold-backed stablecoin is arriving on the network.

A Cardano-based protocol MELD has announced plans to launch the stablecoin as the first step to democratize cryptocurrencies and make them further accessible.

Ken Olling, co-founder and chairman of MELD, states that the “goal here is simplicity and clarity. Gold will be stored in a vault, tokenized and then fractionalized and divided so we can sell it.”

 

Cardano network’s on-chain activity has hit a high in September after the latest developments in the ecosystem. Native asset ADA has 243,000 holders, and 70% of the wallet addresses holding the token are profitable.

 

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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