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Cardano’s DUSD Stablecoin Project Team Halts Development Works

Hoskinson Hints Exchanges Are Responsible Behind Vasil Hardfork's Delay

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The team behind the dUSD stablecoin project suspended its work due to funding uncertainty and other reasons.

Cardano is a popular Proof-of-stake (PoS) consensus-based scalable blockchain network. Due to the efficient crypto transactions through the Cardano network, this blockchain network aims to be the best crypto networks in this crypto industry. In September of last year, developers successfully implemented a smart contract feature on the Cardano Blockchain.

On November 24, Ardana, the Defi project team of the Cardano Blockchain ecosystem, announced on Twitter that they are experiencing problems due to the uncertainty of the funding timeline, so the team plans to stop development of the dUSD stablecoin project.

“Unfortunately, due to recent funding developments and project schedule uncertainty, the Ardana project has been forced to halt,” the team said.

The team confirmed that the developed codes are still available to developers who are willing to support and move this project forward. And the funds remain in the hands of Aradhana Labs.

Cardano founder Charles Hoskinson is a crypto executive who doesn’t think he’ll get much backing from venture capital firms. Since the beginning of the Cardano project, Hoskinson never invited or took financial support from any VC and probably this thing is a very big negative factor behind the lack of financial support from VCs.

Currently, Cardano’s support team COTI is working on the Djed stablecoin project. The developers are working on the DjedPay payment app, and the team is expected to launch the Djed & DjedPay online service in early 2023.

About a week ago, Cardano commercial arm EMURGO announced the upcoming launch of USDA, a highly compliance-based and Cardano blockchain-backed stablecoin. The team expects this new stablecoin to launch in January 2023.

Also Read: Russia May Launch National Crypto Exchange: Report

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