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Cardano USDT USDC ADA

Is It True That Cardano Needs A “USD-Backed Stablecoin” Like USDT To Rally?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Cardano
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a post on X, analyst Cardano Yoda believes that a USD-pegged stablecoin is crucial for ADA’s future success, suggesting that its integration could trigger a bull run sometime in 2025.

A stablecoin, a token that’s “stable” since its price is pegged to a fiat currency like the USD or Euro, will ignite activity, driving decentralized finance (DeFi) and even non-fungible token (NFT) activities even higher. With a popular stablecoin like USDT or USDC deployed on the proof-of-stake blockchain, the number of users interacting with Cardano dapps will likely spike, catalyzing demand since ADA is used for paying fees.

Stablecoins, Input Endorsers, And Hydra Might Prop Up Cardano In The Long-Term

The presence of a high market cap stablecoin can facilitate seamless value transfers and reduce volatility. Already, networks like Ethereum, Tron, and Solana have been more active as billions of stablecoins like USDT, USDC, USDD, and even DAI are minted by network users. For this reason, their respective DeFi and NFT ecosystems command higher total value locked (TVL) with individual protocols managing billions of dollars. 

Related Reading: Ark Invest CEO Refutes Jamie Dimon’s “Pet Rock” Label For Bitcoin

To illustrate, DeFiLlama data shows that Ethereum and Solana DeFi ecosystems have TVL of $32 billion and $1.3 billion, respectively. Meanwhile, though improving, Cardano has a TVL of $337 million. For context, one of Ethereum’s largest DeFi protocols facilitating stablecoin exchange, Curve, manages over $1.6 billion in TVL.

Ethereum DeFi TVL | Source: DeFiLlama
Ethereum DeFi TVL | Source: DeFiLlama

Beyond stablecoins, the analyst also emphasized the current development of Input Endorsers and the eventual deployment of Hydra. In the Basho stage, Cardano’s lead developer, IOG, continues to refine the network. One critical development to improve performance is Input Endorsers. This feature further enhances on-chain scalability and transaction processing speeds by introducing a parallel validation process, effectively removing bottlenecks. 

On the other hand, Input Endorsers will be complemented by Hydra, an off-chain scaling solution similar to Ethereum’s approach with layer-2s. Through Hydra, IOG said Cardano will scale horizontally while remaining secure and decentralized.

Becoming Cross-Chain, Will ADA Find Support At $0.50

These moves could support ADA prices in the days ahead. Already, Cardano is looking to expand its ecosystem. In November 2023, it partnered with Polkadot, a cross-chain platform. 

Related Reading: Solana Mobile Sparks Preorder Frenzy, 30,000 Units Sold On Day One

This partnership will provide a means for seamless communication and asset transfers. At the same time, the resulting interconnectedness and interoperability may further drive adoption, boosting the two ecosystems.

Cardano price trending lower on the daily chart | Source: ADAUSDT on Binance, TradingView
Cardano price trending lower on the daily chart | Source: ADAUSDT on Binance, TradingView

So far, ADA is steady, finding support at around the $0.50 area. Technically, the uptrend remains. However, for the breakout above the current bull flag, there must be a sharp move up above $0.55 with increasing trading volume.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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