Data from Cardano ($ADA), a cryptocurrency network, shows that there have been more than 100,000 wallets created since FTX collapse. Users of cryptocurrencies are shifting their funds to wallets controlled on-chain, according to Cardano Blockchain Insights. FTX, a cryptocurrency lender, stopped making withdrawals due to the bank run. It filed for Chapter 11 bankruptcy protection. The cryptocurrency market was affected by contagion as a result. BlockFi, a cryptocurrency lender has stopped withdrawing and said it would not be “able operate business as usual” due to the FTX bank ran and the uncertainty surrounding the cryptocurrency exchange. However, Cardano has continued to grow and recently reached a new milestone with its first stablecoin. New stablecoins are being created on the ADA network. According to EMURGO’s press release, the new stablecoin USDA, which is USD-backed, was announced earlier this month by the commercial division of Cardano.
USDA “leverages stability of the U.S. Dollar with Cardano security, low fees and eco-friendly Blockchain” and offers “locks to the value of crypto assets by pegging 1:1 USD to U.S. Dollar, reducing volatility and unlocking fast global transaction without legacy banking or payment infrastructure delays.”
Cardano developers also announced at the Cardano Summit, Lausanne, Switzerland that the algorithmic stablecoin, Djed ($DJED), will be available on the mainnet for the smart contract platform in the first half of next year. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: ADAADA walletsCardanoCardano networkFTX’s collapseStablecoin