More than 100,000 wallets have been added on the Cardano Network by November

Data from the Cardano network shows that the number of wallets on the network increased by more than 100,000 within a month following the collapse of the FTX exchange.

In November, more than 100,000 wallets have been added, increasing from 3.633 million at the beginning of the month to over 3.73 million at the press time, according to Cardano Blockchain Insights.

Source: Cardano Blockchain Insights

The growth in wallets on the Cardano Network comes after the collapse of the infamous cryptocurrency exchange FTX, where banks ran, causing the exchange to lose liquidity and freeze withdrawals, and filed for Chapter 11 bankruptcy.

At the moment, the Cardano network has nevertheless kept on growing. The network recently reached a new milestone with the launch of its first stablecoin. EMURGO, which is the commercial arm of Cardano, announced the planned launch of its new dollar-backed stablecoin USDA, which is “the first fully fiat-backed, regulatory compliant stablecoin in the Cardano ecosystem,” earlier this month.

To ensure USDA is fully compliant and follows regulatory rules, Emurgo said it has worked with a licensed financial services organization with headquarters in the United States as the banking partner. With a long-term goal of enabling conversion and swaps of cryptocurrencies like bitcoin, ether, and other cryptocurrencies, Emurgo will soon enable the tokenization of USD along with the conversion of other stablecoins, such as USD Coin (USDC) and Tether (USDT), to USDA.

In addition, DJED, an algorithmic stablecoin, is set to launch early next year on the mainnet of the smart contract platform, as Cardano developers announced at the Cardano Summit in Lausanne, Switzerland.

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