- Talks of Cardano-backed stablecoin may come to fruition
- Cardano-backed stablecoin will increase ADA’s demand
- The Cardano ADA price created a 7 month high against Bitcoin
Cardano news today – The happenings at Cardano has been golden so far this year. The network has started to explore more ways to improve the demand of its native token ADA. Recently, there have been rumors about the possibility of launching a Cardano-backed stablecoin. Now we understand that this report has shifted from rumor to reality as Charles Hoskinson founder of Cardano revealed that if his network launches a new stablecoin it would improve the demand for ADA.
Cardano to Launch Stablecoin
The CEO of IOHK said the crypto-based company has over the last seven years been contemplating launching a stablecoin. The network is now seriously considering acting on it. Hoskinson has expressed interest in creating a stablecoin on Cardano’s Blockchain. He did this via a tweet.
The rumors of a Cardano-based stablecoin started with a tweet posted by Weiss Crypto Ratings, (the crypto-focused ratings and analytical company). The company on its tweet said there were rumors that IOHK CEO Hoskinson was considering the possibility of building a version of DAI on the Cardano network. The company also noted that there’s a growing need for trust-less stablecoins in the digital currency market. He remarked that digital coins like DAI are trust-less for failure. This, he said gives the offering a huge advantage over its contemporaries like USDT and USDC.
Cardano-backed Stablecoin Would Increase ADA Adoption and Demand
Cardano ADA News Today – Launching a DAI version on the Cardano Blockchain spread like quickly on Twitter. The news made headlines on the majority of crypto media. The hype became difficult to calm down when Hoskinson decided to address the issue. He went on to explain that such a project can potentially offer huge benefits to both Cardano as a Blockchain network and ADA holders as well. When Hoskinson was asked how such an offering would be of benefit to ADA holders because the position of the project was unclear (no one knows whether it would be a separate entity from Cardano).
Cardano (ADA) Price Today – ADA / USD
Hoskinson said the prospective stablecoin could utilize the ADA token, as a part of its Central Bank vehicle. This, according to the IOHK chief would create better demand for the network’s underlying asset ADA and increase its price and use cases. For Cardano price prediction, the price of ADA started the day with a fresh 7-month high price after rising by 5% to reach the $0.72 area. The crypto has also experienced strong growth in the last 30-days after it surged by nearly 82%. It eventually created a new 7-month high against BTC after breaking the 650 SAT position.