Cardano’s DeFi stack is gaining momentum in Japan: Hoskinson signs a banging USDCx integration deal.
Cardano’s (ADA) founder Charles Hoskinson is visiting Japan on a crucial matter. With the Clarity Act remaining a focal point of the industry, Cardano’s founder signed a deal to integrate USDCx.
“Hello from Japan. Just signed the integration agreement for USDCx on Cardano. Welcome to Cardano Circle! We are all excited about the possibilities”, – stated Charles Hoskinson’s X message.
This new USDCx stablecoin agreement is a part of the newly-built Cardano Circle, a brand new establishment that unites payment providers, banking institutions & developers seeking to make the most of both Cardano’s main chain (ADA) & the freshly-forged Midnight (NIGHT) side-chain.
Cardano DeFi Developers Can Now Access Circle’s Liquidity
According to Charles himself, the new adoption of USDCx is supposed to bring Circle’s liquidity on Cardano’s chain. There’s a one-to-one reserve as a mirroring effect, where developers can access the same liquidity as non-EVM chains. The tier-1 stablecoin USDCx arriving on Cardano solves these accessibility challenges.
“We are very excited to see that coming”, – uttered Hoskinson, hopping on an X Spaces right after the “deep negotiations” concluded. It “doesn’t need a ton of custom work” for USDCx to work with Cardano, which raises the odds of a substantial liquidity boost. Following the news, Cardano’s price dipped 4% to $0.32.
Big-Time ADA Holders See a Plot Twist, Shrimp In Disbelief
As this happened, the on-chain sleuths at Santiment had noted a gathering of crypto currency whales that’s likely hinting at something brewing. In the past two months, crypto wallets between 100K & 100M Cardano (ADA) coins have scooped up 454.7 ADA tokens, equaling $161.420K.
On the other hand, the smallest market traders, popularly referred to as shrimp, have shrunk considerably.
In just three weeks, crypto currency wallets with 100 ADA tokens or less dumped 22.06K ADA, sending their balances to zero. In spite of the micro-sized wallets, this outflow accounted for nearly $8K. This hints at concentration, a sign of a long-term belief in price growth among the top holders despite the recent turbulence.
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