Gold-backed stablecoin set to launch on the Cardano network

A Cardano-focused startup MELD, in partnership with Nigerian mobile operator Tingo Holdings and tokenization services provider Ubuntu Tribe, announced 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 pic.twitter.com/g3PhXgC0AD

— MELD (@MELD_labs) September 30, 2021

The token will be backed by a precious metal mined in Africa and South America through artisanal and environmentally friendly methods.

“The gold will be stored, tokenized and divided to increase accessibility,” commented Ken Olling, CEO of MELD.

Clients of Tingo Holdings will gain access to the startup’s crypto-banking services.

“We want to democratize access. This is a game changer. People will gain access to wealth and will be able to create it,” explained Mamadou Kwidjim Touré from Ubuntu Tribe.

On the MELD platform, the stablecoin will be usable as collateral for cash loans. Its backing will be employed in liquidity pools. Fees earned will be returned to the borrower along with the tokens after loan repayment.

As previously reported, DeFi and NFT in the Cardano ecosystem invest $100 million.

In September, developers activated the Alonzo upgrade, enabling the deployment of smart contracts on this network.

Subscribe to ForkLog news on VK!