According to a report on October 1, BitGo, a leading digital asset custodian, plans to provide custody services for USDA, a Cardano-based stablecoin. press release.
The partnership involves BitGo Trust, USDA issuer Anzens, and EMURGO, the technology provider behind the Anzens platform. The companies’ joint efforts will focus on creating a secure stablecoin solution for the Cardano blockchain that will enhance USDA’s security and capabilities by integrating into advanced financial infrastructure.
According to the release, BitGo’s involvement strengthens USDA’s security and efficiency and aligns with Anzens’ goal of bridging traditional finance and the crypto ecosystem. This partnership streamlines and ensures compliance for foundry, incineration, and storage services.
Stablecoins remain essential to the cryptocurrency industry as they are widely used for remittances and payments. These digital assets are designed to maintain value, protecting users from the volatility inherent in other cryptocurrencies. As of October 1, stablecoins had a market capitalization of $173 billion, reflecting their significant relevance in the cryptocurrency industry.
Despite its importance, Cardano has struggled to gain significant market share, with stablecoins issued on Ethereum and Tron controlling nearly 90% of the market, according to DeFiLlama data. .
USDA revival
Meanwhile, the development comes as the USDA attempts to return after a hiatus in 2023. At the time, the Anzens team abruptly stopped communicating with the community due to regulatory uncertainty surrounding the stablecoin sector.
However, EMURGO has revealed that the digital asset will be launched under new ownership later this year. According to information On the Cardano forum, the USDA stablecoin will be launched by Encryptus, a Dubai-based platform founded in 2020.
According to the platform:
“[Encryptus] Facilitates seamless buying and selling of crypto assets and provides conversion to local currencies. Encryptus is focused on compliance, holds a European license, has VASP status in Lithuania, and boasts the largest payment network spanning over 80 countries. ”
The company further said that users can buy and sell USDA via the Anzens website after completing Know Your Customer (KYC) verification. USDA is also available through select partners and can be redeemed 1:1 for USD. Users in over 80 countries will be able to access the stablecoin in their local currency.
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