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I am new to Cardano and would like guidance on prototyping a fiat-based stablecoin on the platform. Could you please provide me with some guidance on where to begin?"

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  • There are two components to your question. Firstly how to design and implement a stable coin, which is a question that is completely independent of Cardano, and secondly how to create a token on Cardano which I am sure is documented somewhere. Sep 18, 2023 at 7:54
  • Once you have answers to these two components, combining them to produce the result you want should be relatively easy. Sep 18, 2023 at 8:06
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    Thanks a lot for your guidance.
    – salmas
    Sep 18, 2023 at 9:13
  • I have found some resources for creating tokens on Cardano. For the stable coin concept, most of the information on the internet seems to suggest using smart contracts for implementing stablecoins. However, it appears that using native tokens would be more suitable for Cardano. Unfortunately, I am unsure how to integrate these two components.
    – salmas
    Sep 18, 2023 at 9:39
  • The actually implementation of a stable coins is only a TINY part of the whole enterprise. Well over 95% of the task is figuring out how to back the value of your stable coin and how to peg it to whatever your token is meant to be pegged to. Pretty sure you do not need a smart contract to implement a stablecoin on Cardano as long as you do the other bit first. Sep 18, 2023 at 10:25

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