BTC $44672.28 (2.48%)
ETH $3132.24 (2.00%)
USDT $1.00 (0.01%)
BCH $548.08 (0.34%)
BSV $145.61 (-0.9%)
LTC $163.17 (1.30%)
BNB $380.55 (0.16%)
ADA $2.25 (0.64%)
DOGE $0.22 (-0.9%)
BTC $44672.28 (2.48%)
ETH $3132.24 (2.00%)
USDT $1.00 (0.01%)
BCH $548.08 (0.34%)
BSV $145.61 (-0.9%)
LTC $163.17 (1.30%)
BNB $380.55 (0.16%)
ADA $2.25 (0.64%)
DOGE $0.22 (-0.9%)

ADA Rises 30%, IOHK About to Launch Stablecoin for Cardano

  • Input Output Hong Kong (IOHK) aims to launch the first-ever stablecoin called AgeUSD for Cardano.
  • For this, IOHK will collaborate with the Ergo Foundation and EMURGO for the launch.

IOHK, the company behind Cardano (ADA) plans to launch a stablecoin. It will partner with Ergo Foundation and EMURGO for the launch. IOHK named the stablecoin AgeUSD.

Meanwhile, this will be the first-ever stablecoin asset set to launch on the Ergo blockchain network. The stablecoin will be available via the Cardano blockchain right after the launch.

However, executing AgeUSD on Cardano, smart contracts will be launched afterward. Also, Emurgo hopes to implement a Staticoin protocol along.

The AgeUSD stablecoin does not use Ethereum‘s already existing Collateralized Debt Positions (CDPs) to operate. This is due to the possible vulnerability caused by volatility and congestion on the Ethereum blockchain.

ADA Price Analysis 2021

ADA Fibonacci Retracement
ADA Fibonacci Retracement (Source: TradingView)

In the graph above, ADA opens its day with a high price of $.3434 above the Fibonacci level of 0.236. In other words, the crypto is trading in a bullish position. Aside from that, the chart also shows the price boost of ADA from Jan 1 to Jan 17. This price boost has an increased rate of nearly +140%.

Best of all, the asset is now facing multiple network upgrades this year, such as the Goguen mainnet upgrade and IOHK development of stable coins. With this in mind, ADA might be able to continue its bullish escapade and bypass its value of $.39.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.