• Cardano Is Getting a Gold-Backed Stablecoin

  • Protocol for decentralized finance liquidity During a cryptocurrency-focused summit hosted by the British financial newspaper City AM, Meld announced its intention to issue a stablecoin backed by physical gold on the Cardano blockchain.

    Because of tokenization and fractionalization, co-founder Ken Olling claims that anyone with a smartphone will be able to trade the gleaming metal:

    Gold will be stored in a vault, tokenized, fractionalized, and divided so that it can be sold.

    Meld has formed a partnership with Tingo Mobile, a Nigerian telecommunications services provider. The agreement states that Cardano’s services, such as lending and staking, will be available to approximately eight million active subscribers, providing Cardano with a significant adoption push in one of the largest crypto markets.

    Gold-backed stablecoins are not a novel idea.

    Tether, the leading stablecoin issuer, issued a token pegged to an ounce of gold in January. Its value is guaranteed by gold bars kept in a Swiss vault.

    Previously, rival Paxos obtained regulatory approval to launch a similar product in the United States.

    Djed is a stablecoin.

    Input Output CEO Charles Hoskinson introduced Djed, an algorithmic stablecoin that will be issued by blockchain startup COTI, at the Cardano Summit 2021.

    Hoskinson referred to bitcoin as a “game-changer”:

    The Djed stablecoin has the potential to be a game changer in the cryptocurrency space, appealing to a completely new audience at a time when the industry is already experiencing exponential growth.

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