On Cardano. A gold-backed stablecoin is introduced

During a UK financial newspaper crypto summit City AM, the liquidity protocol for decentralized finance (DeFi), MELD has announced a three-way partnership with Tingo Holdings, Nigeria’s largest cellular network, and Ubuntu Tribe, an ethical crypto company that tokenizes natural resources.

As part of the new partnership, the Cardano-based DeFi protocol, which enables users to lend, borrow and invest their assets, has plans to launch a gold-backed one Stablecoin.

Cardanos stablecoins

“Our goal here is simplicity and clarity,” said Ken Olling, chairman and co-founder of MELD, who aims to make commerce accessible to anyone with a smartphone.

“Gold is stored in a vault, tokenized, and then fractionated and divided so we can sell it,” he clarified.

“It’s a simple idea, but it’s incredibly powerful because you can rely on it,” adds Olling, pointing out the stable value of gold.

As recently announced by none other than Cardanos during the Cardano Summit in 2021 founder, Charles Hoskinson, THERE IS Payment gateway platform COTI becomes the official issuer of the network’s long-awaited stablecoin Grandpa, described as an algorithmic token for proven price stability.

COTI is the official publisher of Cardanos Stablecoin!

As announced by none other than Charles Hoskinson during the @ CardanoStiftung summit, COTI will be the official Djed issuer, Cardano’s new stablecoin!

Read more: https://t.co/omAxVZUOow$COTI $ ADA @IOHK_Charles pic.twitter.com/yschC9wdbd

– COTI (@COTInetwork) September 26, 2021

According to the Cardano development team IOHK, Djed’s properties, which include compliance with the upper and lower limits, a robust design in the event of a market crash, no bankruptcy and no possible outflow of reserves, can be proven by mathematical theorem.

Increased acceptance

According to Cardano Foundation Marketing Director David Taylor, who shared the announcement on Twitter, the new partnership with Nigeria’s largest cellular network will introduce MELD’s crypto services to millions of active subscribers and promote Cardano’s adoption in the country.

Announcement by @MELD_labs and Tingo Mobile, who want to bring 9 million customers from all over Nigeria to Cardano.

As part of this partnership, there will also be a stable coin deposited with gold for the record. # CityAMSummit @CityAM_Crypto #Cardano #CardanoCommunity @tingomobileng #Blockchain pic.twitter.com/G6zqggzBLF

– DT (@I_Am_DTaylor) September 30, 2021

After latest Developments in the Ecosystem, the number of ADA holders recently hit a new all-time high (ATH).

Cardano’s native token has 243,000 holders, with 70% of the wallet addresses containing the crypto profits, data from IntoTheBlock revealed.

The number of $ ADA Hodlers this month hit a new ATH of 243 thousand addresses with an aggregate volume of 5.49 billion ADA.

And at the current price, over 70% of the addresses currently holding ADA are in the winning statehttps: //t.co/8ME8STegu5 pic.twitter.com/MnghWKB66X

– IntoTheBlock (@intotheblock) September 27, 2021

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