Liquidity protocol DeFi MELD is planning to launch a Cardano-based gold-backed stablecoin. MELD, a decentralized finance (DeFi) liquidity protocol, announced a three-way collaboration with Tingo Holdings, Nigeria's biggest mobile network, and Ubuntu Tribe, an ethical crypto business that tokenizes natural resources, during a crypto conference hosted by British financial daily City A.M.
The Cardano-based DeFi system, which allows users to lend, borrow, and stake their assets, has announced intentions to create a gold-backed stablecoin as part of the new collaboration.
Stablecoins on Cardano
Ken Olling, chairman and co-founder of MELD, stated, “Our aim here is simplicity and clarity.” He wants to make trading accessible to everyone with a smartphone.
He explained, "Gold will be kept in a vault, tokenized, fractionalized, and split so we can sell it."
“It's a basic concept, but it's very strong because you can rely on it,” Olling said, referring to gold's consistent worth.
COTI, the ADA payment gateway platform, will become the official issuer of the network's long-awaited stablecoin Djed, defined as an algorithmic token with proven price stability, as announced by none other than Cardano's creator, Charles Hoskinson, during the Cardano Summit 2021.
Djed's characteristics, which include upper and lower bound maintenance, resilient architecture in the case of market collapses, no bankruptcy, and no reserve drain are mathematically proven, according to the Cardano development team, IOHK.
Adoption has increased.
According to David Taylor, the Cardano Foundation's director of marketing, the new collaboration with Nigeria's biggest mobile network would expose MELD's crypto services to millions of active users, increasing Cardano's adoption in the nation. The number of ADA holders has hit a new all-time high (ATH) as a result of recent advancements in the ecosystem.
According to IntoTheBlock's statistics, Cardano's native coin has 243,000 holders, with 70% of wallet addresses holding the crypto making gains.
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