Cardano Introduces Stablecoin USDM, Potentially Boosting ADA Value

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The Essentials in Brief

Cardano recently introduced a new stablecoin that has a direct 1:1 binding to fiat currencies. This move could not only boost the use of the Cardano blockchain but also have a positive impact on the price of ADA, Cardano’s native cryptocurrency. But what exactly does this development mean for ADA and how has the market reacted so far?

Cardano Welcomes USDM

The new stablecoin, named USDM, is the first fully fiat-bound stablecoin on the Cardano blockchain. Its introduction was announced for the week of March 18 and could attract new users and investors. The activity on the Cardano blockchain, measured by daily active addresses and transactions, remained high over the past month, indicating increased interest in the platform.

Reaction of the ADA Price

Following the announcement of the new stablecoin, ADA recorded a slight price increase. According to CoinMarketCap, the price of ADA rose by over 1% in the last 24 hours. At the time of analysis, ADA was trading at $0.6786 with a market capitalization of over 24 billion US dollars, making it the eighth largest cryptocurrency. Activity from the so-called “whales” around ADA also increased, indicating growing interest from large investors.

Long-Term Outlook

Despite the current price increase, further metrics show that not many investors are currently trading ADA, leading to a decline in daily active addresses. ADA’s MVRV ratio remained negative, suggesting a price drop could be imminent. However, the speed at which Cardano is used for transactions increased, which is a positive sign.

Our Assessment

The introduction of the USDM stablecoin on the Cardano blockchain is an important step that has the potential to attract new users and increase platform usage. Although the ADA price has reacted positively in the short term, some indicators suggest caution is warranted. In the long term, however, increased activity and interest in Cardano could have positive effects on the price of ADA. As always, it is important to conduct your own research and base investment decisions on a variety of information.

Sources

– Artemis
– CoinMarketCap
– Santiment
– TradingView

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Casinos: 23
Profile Cardano
Symbol ADA
Coin type Alt Coin
Transaction Speed High
Pros
  • Significantly more anonymous than Bitcoin, for example
  • Science-based development, secure and stable
Cons
  • Newer cryptocurrency, lack of distribution
  • Development not yet complete
Price 0,45 €
Percent Change 24h -6,01 %
Percent Change 7d 8,44 %
Percent Change 30d -27,71 %
Percent Change 60d -19,05 %
Percent Change 1y 22,48 %
Market Cap 15.832.320.321,00 €
Max. Supply 45.000.000.000
Official Links
Socials Reddit | X | Message Board
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Last update: 19. March 2024

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