Kowala, a stablecoin protocol that maintains price-pegs to fiat currencies by robotically minting and burning coin supply in accordance to user demand, announced that their flagship project, the dollar-tied “kUSD”, is the first stablecoin to win public platform support from Ledger — the world’s leader in crypto hardware wallets.
“The importance of Ledger’s decision to publicly support kUSD as the first stablecoin with an app on its platform cannot be understated. One one level, this move is a huge signal for industry confidence in our price-stabilizing mechanisms, which employ unique money supply minting and burning features to eliminate the need for cash or gold reserves. More importantly, this support also increases access to a stable and consumer-friendly cryptocurrency for millions of people around the globe,” said Kowala CEO and Founder, Eiland Glover.
The next-generation cryptocurrency joins a handful of rising projects as part of Ledger’s initial third-party application rollout, which will allow its millions of users to manage their virtual assets via Ledger Live, a Windows, Mac, and Linux compatible desktop app. In addition to the ability to store their dollar-tied kUSD, Kowala users will now also be able to use the Nano Ledger S or Ledger Blue to store their mUSD, the protocol token that allocates mining rights on the network.
Glover continued, “The full potential of this technology is tied to consumers’ ability to make actual use of it in their daily lives. As the most decentralized stablecoin project on the market, it is our hope that this hardware accessibility will increase crypto inclusion for those living in highly inflationary economies who require usable currency, rather than speculative investments.”