ADA has been in the negative in the last seven days, but the recent update could push the digital coin beyond the current barrier. Based on reports, two significant stablecoins, USDC and USDT, will join the Cardano blockchain soon.
USD Coin and USD Tether, issued by Circle and Tether, will join the network through the decentralized crypto exchange called WingRiders. The network’s creator Charles Hoskinson posted on his Twitter page that the DEX, via the L2 protocol Milkomeda, will integrate the stablecoins and add liquidity.
Milkomeda Will Facilitate Stablecoin Trading
Stablecoins are indispensable assets in the DeFi space because of the role they play. They are assets pegged to the underlying fiat currency – the USD, which makes them more stable and less volatile than typical virtual currencies.
Users trade stablecoin because it serves as a refuge against inflation and market volatility. The Layer 2 protocol in conjunction with EVM will allow users to trade the popular stablecoins on the Cardano ecosystem.
Given the prominence of USDT and USDC, crypto enthusiasts believe the development could increase the rate of on-chain transactions on the network and eventually the volume. This means traders anticipate ADA rising.
ADA Coin Analysis
Based on the recent Cardano chart, the current price of ADA is below $0.97, an 11% decrease from this time seven days ago. However, the recent developments could shoot the value further up in the coming days. Some analysts predict ADA to break the resistance level of $1 by April end.
Other experts anticipate the coin’s price to hit a record high of $1.35. This would represent a 40% increase from the current price.
Based on data from CoinMarketCap, ADA is the eighth-largest virtual currency by market capitalization, currently valued at about $32 billion. The cryptocurrency is behind major assets like BTC, ETH, BNB, and SOL on the list.
On the flip side, XRP is the only coin amongst the top cryptocurrencies trading in the green. The crypto rose 7% on the last day to $0.77 based on the time of this publication.
The digital coin had a massive inflow of about $2.4B in the last 24 hours. With this result, the crypto has wiped off losses incurred from April 1 to April 14. Experts attribute the surprising rise in price to the recent court rulings, which favored Ripple. Ripple boss Brad Garlinghouse said the case with the SEC is going incredibly well, more than he had anticipated.