Gold-backed stabelcoin to appear on Cardano network

Gold-backed stabelcoin to appear on Cardano network

Cardano ecosystem startup MELD has partnered with Nigerian mobile operator Tingo Holdings and tokenization service provider Ubuntu Tribe to announce the creation of a gold-backed stablecoin.

MELD together with Tingo are partnering with @UtribeOne to create a Gold backed stable coin that's backed by artisanal, sustainably, sourced Gold mining in Africa and South America & that will have some very interesting and unique staking opportunities. #Cardano #MELD

The token will be backed by precious metal mined artisanally and environmentally friendly in Africa and South America.

"The gold will be vaulted, tokenised and separated to increase accessibility," commented Ken Olling, CEO of MELD.

Tingo Holdings customers will have access to the startup's cryptocurrency services.

"We want to democratise access. It's a game-changer. The population will get access to wealth and will be able to create it," explained Ubuntu Tribe's Mamadou Quijim Touré.

On the MELD platform, stabelcoin can be used as collateral for a cash loan. Its collateral will be leveraged into liquidity pools. The fees received will be returned to the borrower along with the tokens after the loan is repaid.

As a reminder, $100 million is being invested in the development of DeFi and NFT in the Cardano ecosystem.

In September, developers activated an update to Alonzo, which enabled the deployment of smart contracts on the network.

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