- Tether’s USDT and USD Coin have debuted on the Cardano blockchain through WingRiders DEX.
- The arrival of leading stablecoins on the Cardano blockchain could drive a spike in on-chain activity and trade volume.
- Analysts are bullish on Cardano, believing ADA price has huge upside potential.
Tether and USD Coin have arrived on the Cardano blockchain through WingRiders DEX. Charles Hoskinson, the founder of the Cardano blockchain platform, announced the arrival of the notable stablecoins.
Cardano price is ready to breakout
Stablecoins have existed in the Cardano ecosystem; however, the arrival of notable ones like USD Tether and USD Coin could drive higher on-chain activity. Charles Hoskinson, co-founder of Ethereum and the founder of Cardano, announced their arrival in a recent tweet.
Wingriders is one of the most exciting DEXes to launch on Cardano and now they are bringing stablecoins! https://t.co/Rpsl9znhyl
— Charles Hoskinson (@IOHK_Charles) April 12, 2022
The decentralized exchange, WingRiders on Cardano has partnered with the Milkomeda Foundation, a Layer 2 Protocol on the mainnet. USDT and USDC would function as a safe haven and safeguard users’ assets against volatility in the crypto market.
There could be a spike in the number of investors on the Cardano network, following the arrival of USD Tether and USD Coin on the blockchain.
Leveraging Milkomeda’s sidechain, WingRiders has introduced the two stablecoins on Cardano.
Proponents believe as users bring their USDT and USDC to the Cardano ecosystem, there could be a spike in the on-chain activity in the altcoin.
Analysts have evaluated the Cardano price trend and observed that ADA tested its target at $1.26. Analysts consider a 26% downswing in Cardano price a healthy retracement and believe ADA has a huge upside potential.
Analysts identified an inverse head and shoulders pattern in the Cardano price chart and predicted a reversal in ADA’s downtrend. FXStreet analysts expect a 36% upswing in Cardano price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The Cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin (BTC) holding steady at $82,584, Ethereum (ETH) at $1,569, and Ripple (XRP) maintaining its position above $2.00.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Can FTX’s 186,000 unstaked SOL dampen Solana price breakout hopes?
Solana price edges higher and trades at $117.31 at the time of writing on Friday, marking a 3.4% increase from the $112.80 open. The smart contracts token corrected lower the previous day, following a sharp recovery to $120 induced by US President Donald Trump’s 90-day tariff pause on Wednesday.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.