TLDR
- USDA, a Cardano stablecoin, will relaunch under new ownership by Encryptus.
- EMURGO will continue to support the launch as a technology provider.
- Encryptus is an experienced crypto team with a focus on compliance and global transactions.
- New features will include worldwide off-ramps and access to frontier markets.
- The stablecoin aims to be fully backed and native to the Cardano blockchain.
USDA, a stablecoin project previously facing challenges, is set to relaunch under the leadership of Encryptus, a seasoned crypto team. This development comes as EMURGO, the original backer of the project, shifts to a supporting role as a technology provider.
Encryptus, founded in 2021, brings a wealth of experience to the table. The company specializes in high-volume crypto transactions, offering services like large-scale pay-ins and payouts.
Their approach removes middlemen, which can lead to lower fees for users. Encryptus also emphasizes compliance, holding a European license and VASP (Virtual Asset Service Provider) status in Lithuania.
The relaunch of USDA aims to fulfill a promise made by EMURGO last year. After facing “significant headwinds” in bringing the stablecoin to market, EMURGO pledged to explore alternative launch methods.
This partnership with Encryptus represents the fruition of that commitment.
USDA is designed to be a fully backed stablecoin native to the Cardano blockchain. Users will be able to manage it on their own, sending it to others quickly and at low cost.
This aligns with the broader goals of the Cardano ecosystem, which aims to provide efficient and accessible financial services.
Encryptus is no stranger to the Cardano community. They’ve already partnered with EMURGO on other projects, including an integration with the Yoroi Wallet.
This integration allows users to convert ADA, Cardano’s native cryptocurrency, into fiat currencies directly within the wallet.
The relaunch of USDA under Encryptus promises several new features. These include worldwide off-ramps, allowing users to buy USDA against commonly used currencies and cash out in over 80 countries.
The team also plans to focus on frontier markets, aiming to connect emerging economies with more developed ones by providing affordable liquidity.
Another goal of the project is to simplify access to Web3 services. This involves bridging the gap between traditional financial services and the world of cryptocurrency for both businesses and individuals.
Shantnu Saxena, CEO of Anzens (the USDA issuing company), highlighted the importance of compliance in the stablecoin industry. He expressed excitement about empowering settlements on the Cardano blockchain with USDA, emphasizing that technology, compliance, and global settlements will remain core strengths of the project.
EMURGO’s role in the project has evolved, but remains significant. Drawing on their experience in developing tokenization platforms, they will provide blockchain infrastructure support to Encryptus.
This collaboration extends beyond USDA, with EMURGO offering their expertise to any business looking to tokenize real-world assets.
