David Taylor, head of marketing at Cardano Foundation, said that Gold-backed stablecoins to launch on Cardano.
He made the announcement on twitter:
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
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.
The number of $ADA Hodlers reached a new ATH this month of 243 thousand addresses holding an aggregated volume of 5.49b ADA.
And at the current price, over 70% of the addresses currently holding ADA are in a state of profithttps://t.co/8ME8STegu5 pic.twitter.com/MnghWKB66X
— IntoTheBlock (@intotheblock) September 27, 2021