The chance of propelling a stablecoin on the Cardano organize has gone from gossip to significant news, as Charles Hoskinson said that it would build interest for ADA. The CEO of IOHK said that the organization has been “pondering stablecoins” for as far back as seven years and is by all accounts truly thinking about it.
Charles Hoskinson communicates enthusiasm for propelling a stablecoin on Cardano
Another stablecoin could be acquainted with the crypto market, and it may very well be propelled on the Cardano organize. Charles Hoskinson, the CEO of IOHK, the organization behind Cardano, communicated enthusiasm for facilitating a stablecoin on Cardano’s blockchain in an ongoing tweet, saying that both he and the organization have been thinking about the thought for quite a long time. Hoskinson stated:
“If we do this, then it will blow everyone out of the water. I started in this space with stablecoins and we’ve been thinking about them for seven years.”
The talk about a Cardano-based stablecoin began with a tweet from Weiss Crypto Ratings, a ratings and analytics company focused on cryptocurrencies. On Feb. 11, the company said that there were rumors that Hoskinson was looking to build a version of DAI stablecoin on Cardano.
The company noted that there is a need for more trustless stablecoins in the crypto market, as coins like DAI have no trusted point of failure. This, the tweet said, gives it a huge advantage over other stablecoins such as USDT and USDC.
Having a stablecoin on Cardano would increase demand for ADA
Launching a version of DAI on Cardano spread like wildfire on Twitter, with the news making headlines on most crypto media. The hype surrounding stablecoins and Cardano had an even harder time calming down when Hoskinson addressed the issue again, explaining that such a project could have huge benefits both for Cardano as a network and for ADA holders.
The Cardano Report, a Cardano-focused news outlet, asked Hoskinson how such a project would benefit ADA holders, as it was unclear whether the project would be separate from Cardano.
Hoskinson said that the prospective stablecoin that gets launched on Cardano could use its native cryptocurrency, ADA, as part of its Central Bank mechanism. This, he explained, would create more demand for the underlying asset, increasing both ADA’s price and its use-cases.
UPDATED: FEB 13 AT 1:32 PM UTC$0.076.55%
Cardano, currently ranked #11 by market cap, is up 6.55% over the past 24 hours. ADA has a market cap of $1.84B with a 24 hour volume of $270.62M.
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Cardano is up 6.55% over the past 24 hours.