BitGo to Offer Custodial Services for USDA Stablecoin as the Digital Asset Makes a Comeback

The collaboration involves BitGo Trust, USDA’s issuer Anzens, and EMURGO, the tech provider behind the Anzens platform.

Crypto custodian BitGo will offer its services for USDA, a stablecoin on Cardano, according to a press release on Oct. 1.

The collaboration includes BitGo Trust, USDA issuer Anzens and EMURGO, the tech provider behind the Anzens platform. Their combined efforts will be geared toward creating a secure stablecoin solution for the Cardano blockchain.

The partnership will also bolster USDA’s security and functionality by integrating it within advanced financial infrastructure. According to the release, BitGo’s involvement will strengthen USDA’s security and efficiency, aligning with Anzens’ goal of bridging traditional finance and crypto ecosystems. The partnership will streamline and ensure compliance for minting, burning, and custody services.

Stablecoins play a crucial role in the crypto industry due to their extensive use in remittances and payments. These digital assets are designed to maintain value, shielding users from the volatility typical of other cryptocurrencies. As of Oct. 1, stablecoins had a $173 billion market cap, highlighting their significance in the crypto industry.

However, despite Cardano's vast ecosystem, it has not managed to capture a substantial market share. Stablecoins issued on Ethereum and TRON control nearly 90% of the market, according to data from DeFiLlama.

USDA’s comeback

This development comes as USDA is set to make a comeback following a hiatus in 2023. At the time, the Anzens team abruptly paused communication with the community due to the regulatory uncertainty surrounding the stablecoin sector.

However, EMURGO later revealed that the digital asset will be relaunched under new ownership later this year. According to information on Cardano’s Forum, the USDA stablecoin will be launched by Encryptus, a Dubai-based platform that was established in 2020.

According to the platform:

“[Encryptus] facilitates seamless buying and selling of crypto assets, offering conversion to local currencies. Encryptus is compliance-centric, holding a European license, VASP status in Lithuania, and boasting the largest payout network spanning over 80 countries.”

The firm further stated that users will be able to buy and sell USDA via the Anzens website after completing know-your-customers (KYC) verification. USDA will also be available through select partners and redeemable 1:1 for USD. Users in over 80 countries will have access to the stablecoin in their local currencies.

Mentioned in this article

Oluwapelumi Adejumo

Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

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