The latest news from Cardano blockchain devs is that the crypto enterprise aims to issue a regulated stablecoin.
The date for the aforementioned product is set for the first quarter of 2023. The stablecoin has been named USDA, and it aims to bring more sustainability to the Cardano DeFi ecosystem.
The report has been shared by Cardano native protocol Emurgo. The protocol has shared that conversion options for other stablecoins, such as USDC and USDT, will also be enabled soon.
The eventual goal of Emurgo is to enable swapping services for Bitcoin and Ethereum protocols. Furthermore, the USDA stablecoin aims to be pegged with a 1:1 ratio with the USD.
Before the disastrous collapse of the Terra Luna project, Cardano had plans to issue an algorithmic stablecoin. However, after the latest projections, the blockchain entity has retracted its previous plans in favor of a regulated stablecoin.
The results of the change in plans are reflected in the performance of the main Cardano native currency ADA.
As per the data projections seen on TradingView, the price of ADA has plunged from a crucial support level for the first time since last year. To this end, there is a danger of 50% retracement for the ADA token.
However, there has not been any negative news regarding ADA in the last week. Technical analysis has revealed that the bearish divergence trend is intact while the bullish divergence is broken.
New Privacy-oriented Blockchain
The privacy blockchain project has been named Midnight. It is a side-chain and offers zero-knowledge-proof smart contracts.
ZK means that both parties can complete transactions without disclosing any personal information or identifying the opposing party. The token native to the Midnight privacy blockchain is named Dust.
Cardano, founder Hoskinson has claimed that despite the privacy-oriented technology, the users have the option to access the system with permission grants.
The statement suggests that it is going to be a permissioned network. In comparison to privacy tokens such as Monero and Zcash, this token will adopt an easier programming language to create opportunities for a broader array of developers.