AgeUSD, a new type of algorithmic stablecoin, will be launched on the Cardano Network (ADA). Cardano's native token, ADA, is now the seventh largest cryptocurrency by market cap. This will be the first stablecoin launch on the top blockchain network. The stablecoin is the result of a collaboration between Input-Output Global, the parent company of Cardano, blockchain solution provider Emurgo, and the Ergo Foundation, the main developers of stablecoin.
Crypto demand is skyrocketing as the flagship cryptocurrency, Bitcoin (BTC), continues to set new all-time highs. Accordingly, this demand is causing a surge in the value of stablecoins in circulation as they dominate crypto trading pairs.
The most popular stablecoin today is Tether (USDT). Today the market capitalization of USDT is over $48 bln. According to CryptoSlate, there are currently over 30 different stablecoins available on the market.
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