{"id":200481,"date":"2021-10-02T21:00:53","date_gmt":"2021-10-02T20:00:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=200481"},"modified":"2021-10-02T22:11:55","modified_gmt":"2021-10-02T21:11:55","slug":"a-gold-backed-stablecoin-will-be-launching-on-cardano","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/a-gold-backed-stablecoin-will-be-launching-on-cardano\/","title":{"rendered":"A gold-backed stablecoin will be launching on Cardano"},"content":{"rendered":"

During a crypto summit held by British financial newspaper <\/span>City A.M.<\/span><\/i><\/a>, decentralized finance (DeFi) liquidity protocol MELD has announced a three-way partnership with Tingo Holdings, Nigeria\u2019s largest mobile network, and Ubuntu Tribe, an ethical crypto company that tokenises natural resources.<\/span><\/p>\n

As a part of the new partnership, the Cardano-based DeFi protocol, which enables users to lend, borrow and stake their assets, has revealed plans to launch a gold-backed <\/span>stablecoin<\/a>.<\/span><\/p>\n

Cardano\u2019s stablecoins<\/strong><\/h2>\n

\u201cOur goal here is simplicity and clarity,\u201d said Ken Olling, chairman and co-founder of MELD, who wants to make trading accessible to anyone with a smartphone.\u00a0<\/span><\/p>\n

\u201cGold will be stored in a vault, tokenized and then fractionalised and divided so we can sell it,\u201d he clarified.<\/span><\/p>\n

\u201cIt\u2019s a simple idea, but incredibly powerful because you can count on it,\u201d added Olling, pointing to gold\u2019s stable value.<\/span><\/p>\n

As recently revealed during the Cardano Summit 2021, by none other than Cardano\u2019s <\/span>founder<\/span><\/a>, Charles Hoskinson, <\/span>ADA<\/span><\/a> payment gateway platform <\/span>COTI<\/span><\/a> will become the official issuer of the network\u2019s long-awaited stablecoin <\/span>Djed<\/span><\/a>, described as an algorithmic token for proven price stability.<\/span><\/p>\n

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COTI is the official issuer of Cardano\u2019s stablecoin!<\/p>\n

As just revealed during the @CardanoStiftung<\/a> summit by none other than Charles Hoskinson, COTI will become the official Djed issuer, Cardano's new stablecoin!<\/p>\n

Read more: https:\/\/t.co\/omAxVZUOow<\/a>$COTI<\/a> $ADA<\/a> @IOHK_Charles<\/a> pic.twitter.com\/yschC9wdbd<\/a><\/p>\n

— COTI (@COTInetwork) September 26, 2021<\/a><\/p><\/blockquote>\n