- Tether’s USDT and USD Coin have debuted on the Cardano blockchain through WingRiders DEX.
- The arrival of leading stablecoins on the Cardano blockchain could drive a spike in on-chain activity and trade volume.
- Analysts are bullish on Cardano, believing ADA price has huge upside potential.
Tether and USD Coin have arrived on the Cardano blockchain through WingRiders DEX. Charles Hoskinson, the founder of the Cardano blockchain platform, announced the arrival of the notable stablecoins.
Cardano price is ready to breakout
Stablecoins have existed in the Cardano ecosystem; however, the arrival of notable ones like USD Tether and USD Coin could drive higher on-chain activity. Charles Hoskinson, co-founder of Ethereum and the founder of Cardano, announced their arrival in a recent tweet.
Wingriders is one of the most exciting DEXes to launch on Cardano and now they are bringing stablecoins! https://t.co/Rpsl9znhyl
— Charles Hoskinson (@IOHK_Charles) April 12, 2022
The decentralized exchange, WingRiders on Cardano has partnered with the Milkomeda Foundation, a Layer 2 Protocol on the mainnet. USDT and USDC would function as a safe haven and safeguard users’ assets against volatility in the crypto market.
There could be a spike in the number of investors on the Cardano network, following the arrival of USD Tether and USD Coin on the blockchain.
Leveraging Milkomeda’s sidechain, WingRiders has introduced the two stablecoins on Cardano.
Proponents believe as users bring their USDT and USDC to the Cardano ecosystem, there could be a spike in the on-chain activity in the altcoin.
Analysts have evaluated the Cardano price trend and observed that ADA tested its target at $1.26. Analysts consider a 26% downswing in Cardano price a healthy retracement and believe ADA has a huge upside potential.
Analysts identified an inverse head and shoulders pattern in the Cardano price chart and predicted a reversal in ADA’s downtrend. FXStreet analysts expect a 36% upswing in Cardano price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces
Charles Hoskinson, the founder of Cardano, engaged in a debate with the XRP community over the rumors of ConsenSys founder, Joseph Lubin, bribing the US financial regulator.
Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin (BTC) price has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.
Solana likely to extend gains as DeFi airdrop season could boost user base
Solana ecosystem is set to experience a surge in activity from decentralized finance (DeFi) projects that offer users airdrops in the following months, according to a report from crypto market intelligence company Messari.
LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery
Terra Classic USD and Terra Luna Classic tokens are trending among market participants after overnight price gains. USTC rallied to $0.078 local top after its 2022 collapse, garnering hope among traders.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.