Gold-backed stablecoins to launch on Cardano, sending analysts bullish on ADA


  • Cardano’s project catalyst holds a decentralized fund of over $1 billion to promote solutions. 
  • After unveiling Djed, the ecosystem is now preparing for the launch of a gold-backed stablecoin. 
  • The number of ADA holders hit a new all-time high of 243,000 in September, 70% of addresses are currently profitable. 

Cardano has more decentralized applications and projects joining its blockchain network. MELD – a DeFi protocol that allows users to lend, borrow and stake capital on Cardano – is preparing to launch a gold-backed stablecoin network on the network.

Arrival of gold-backed stablecoin to further increase demand and utility of native asset ADA

ADA’s rise to the top five cryptocurrencies by market capitalization is likely triggered by the increase in the decentralized applications joining Cardano’s network. 

COTI, a decentralized payment platform that acts as a payment gateway of Cardano, revealed the launch of Djed, an algorithmic stablecoin. Now a gold-backed stablecoin is arriving on the network. 

A Cardano-based protocol MELD has announced plans to launch the stablecoin as the first step to democratize cryptocurrencies and make them further accessible. 

Ken Olling, co-founder and chairman of MELD, states that the “goal here is simplicity and clarity. Gold will be stored in a vault, tokenized and then fractionalized and divided so we can sell it.”

David Taylor, head of marketing at Cardano Foundation, shared the announcement on Twitter

Cardano network’s on-chain activity has hit a high in September after the latest developments in the ecosystem. Native asset ADA has 243,000 holders, and 70% of the wallet addresses holding the token are profitable.

FXStreet analysts have evaluated the Cardano price trend. The altcoin’s price is at a strong support level, and analysts believe that the price will continue its upward trend to the next target at $2.7. 

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

MakerDAO whales sold over $9 million in tokens, MKR price takes a hit

MakerDAO whales sold over $9 million in tokens, MKR price takes a hit

MakerDAO whales sold over 3,000 MKR tokens in the past day. Maker supply on exchanges climbed between April 20 and Monday. MKR price declined by nearly 2% on Monday. 

More Maker News

XRP rallies past $0.50 as Ripple prepares for response to SEC requirement for $2 billion in penalty

XRP rallies past $0.50 as Ripple prepares for response to SEC requirement for $2 billion in penalty

Ripple prepares to file the opposition brief against the SEC on Monday. Ripple will respond to the SEC’s demand for $2 billion in fines requested in its remedies-related opening brief.

More Ripple News

Crypto AI token comeback likely after Apple's potential on-device LLM

Crypto AI token comeback likely after Apple's potential on-device LLM

Artificial Intelligence (AI) crypto tokens Render (RNDR), Bittensor Tao (TAO), The Graph (GRT), AIOZ Network (AIOZ), Golem (GLM), OriginTrail (TRAC) and RSS3 (RSS3) prices rally on Monday. 

More Cryptocurrencies News

Enjin Coin provides high-reward, low-risk buy-the-dip opportunity Premium

Enjin Coin provides high-reward, low-risk buy-the-dip opportunity

Enjin Coin (ENJ) price has been on a downtrend since the 2021 peak and shows signs of slowing down. The more than 50% crash noted in the past four weeks suggests a potential buy-the-dip opportunity. 

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP