Daily #MainStreet #CryptoNews #27
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Mainstreet.Finance
Publishing Date
November 21, 2022
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Cardano-Based Stablecoin USDA To Launch In Early 2023

Emurgo, the commercial arm and founding member of the Cardano blockchain, will launch a newly regulated stablecoin pegged to the United States dollar, USDA, in early 2023.

Emurgo, the official commercial arm and a founding entity of the Cardano blockchain announced that it will bring a regulated stablecoin pegged to the U.S. dollar to market in early 2023. According to reports, USDA will the first fully fiat-backed, regulatory-compliant stablecoin within the Cardano ecosystem. Stablecoins are digital currencies backed by one or more assets and pegged to fiat currencies such as the U.S. dollar in this instance and allow traditional market players to access the cryptocurrency industry. Stablecoins are more commonly used as mechanisms for trading, borrowing, and lending mechanisms across the digital ecosystem.

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BoE Says Future Crypto Crashes Can Impact Financial System

The deputy governor of the Bank of England has said that following FTX, crypto must have regulations to protect consumers and the wider financial system.

Jon Cunliffe, Deputy Governor of the Bank of England, said that the fall and bankruptcy of FTX shows the necessity for crypto to be brought within the regulatory framework. He spoke at a business school in Warwick :

“While the crypto world, as was demonstrated during last year’s crypto winter and last week’s FTX implosion, is not at present large enough or interconnected enough with mainstream finance to threaten the stability of the financial system, its links with mainstream finance have been developing rapidly,”

He highlighted the case of FTX as he said that regulators needed to put strict rules in place as soon as possible. He continued:

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