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Cardano: Hoskinson suggests Stablecoin equivalent to Ethereum’s DAI

  • Charles Hoskinson, CEO of IOHK and inventor of Cardano, has announced that he is considering the introduction of a decentralized Stablecoin, equivalent to Ethereum’s DAI.
  • Yoroi has released new versions for Android and iOS that will enable staking Cardano on mobile devices.

After Cardano wrote several headlines at the World Economic Forum in Davos and gained new partners, the company continues with more exciting news. Via Twitter, Weiss Crypto Ratings wrote that Charles Hoskinson told the rating agency that IOHK wants to develop a version of Ethereum‘s Stablecoin DAI on Cardano. As Weiss Crypto Ratings further stated, Stablecoins, like DAI, do not have a central point of failure, which is a big advantage over centralized Stablecoins, like Tether (USDT) or USDC.

Hoskinson responded to the tweet from Weiss Crypto Ratings, raising high expectations for all Cardano supporters. Although Hoskinson did not confirm that IOHK is working on an equivalent to DAI, he did not deny the news by declaring:

If we do this, then it will blow everyone out of the water. I started in this space with stablecoins and we’ve been thinking about them for seven years.

Asked by a Twitter user what benefit Cardano would derive from developing a Stablecoin similar to Ethereum’s DAI, Hoskinson said:

If the coin uses Ada as part of its Central Bank mechanism, it creates demand for the underlying asset.

As Hoskinson describes, the creation of a DAI-like Stablecoin could significantly affect the value of ADA. Unlike Tether or USDC, which are covered by US dollars, the value of DAIs is backed by Ethereum (ETH); at least this was the case until the “multicollateral” DAI was introduced last November.

Should Cardano introduce a similar decentralized Stablecoin, it could create a demand for ADA that would have a positive long-term impact on the price. However, as the tweet suggests, it is still only an idea. An implementation seems not to have started yet.

Cardano staking: Yoroi releases new version of the Android / iOS wallet

According to CNF, the Shelley Incentivized Test Network (SIT) has already attracted over 15,200 active users, who have staked more than 11.35 billion ADAs. Currently, staking is available to those who have held their ADA in either of the two Cardano wallets, Yoroi or Daedalus, at the time of the snapshot on 29 November 2019.

For Android users there is now another progress to report. Android users of Cardano’s Yoroi wallet will now be able to stake their ADA via the mobile version of the wallet to receive rewards. iOS users will also be able to access this service once Apple has completed its review of the app and released the application for use, as Yoroi announced in a tweet.

Already yesterday a new version, 2.5.3, was released for Yoroi’s desktop wallet, which will speed up the loading of the ADA account balance, include improved graphics and fix a wallet “transfer error” to the Daedalus ITN wallet.

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About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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