With the addition of Ledger hardware wallet support, the kUSD stablecoin from Kowala will be easily accessible to millions of users around the world, including its coin-burning and minting features. Kowala is a stablecoin protocol that pegs prices to fiat currencies via the process of robotically burning and minting coin supplies to account for user demand. The flagship product of the Kowala stablecoin protocol is kUSD, the version pegged to the United States dollar. This will be the very first stablecoin to have public platform support from crypto hardware wallet leader Ledger, a company known worldwide.
The addition of kUSD to Ledger’s hardware wallet comes as part of the initial third-party application rollout of Ledger, which also includes a select few other rising projects. With this third-party application rollout, millions of users will be able to manage virtual assets with Ledger Live. This desktop application is compatible with Windows, Mac, and Linux, offering options for most users. Those who use Kowala’s kUSD will now be able to store their cryptocurrency with Ledger. They will also be able to use Ledger Blue or Nano Ledger S for storing mUSD, the crucial protocol token responsible for allocating the network’s mining rights.
What Kowala Has to Say
It should come as no surprise that the Kowala team is honored that Ledger chose kUSD as the first stablecoin to publicly support via an app on the Ledger platform. The CEO and founder of Kowala, Eiland Glover, said he appreciates the significance of this decision since it shows that the industry has confidence in the price-stabling mechanisms that Kowala uses. Glover went on to briefly describe those mechanisms, which do not require gold or cash reserves and instead use minting and burning features. He said that Ledger’s support is crucial for improving the access to a consumer-friendly and stable cryptocurrency for millions of people around the world.
Glover explained that the technology’s full potential is directly dependent on how well consumers can use it in their daily lives. kUSD holds the title of the most decentralized stablecoin project on the market. As such, Glover hopes that the accessibility of Ledger hardware to support kUSD will improve the inclusion of cryptocurrency for those who can use its benefits. He specifically sees benefits for those who live in economies that are highly inflationary and need to have a currency that they can truly use instead of a speculative investment, the traditional alternative.
The technology behind Kowala relies on a dual-token system that has the stablecoins (kUSD) and mining tokens (mUSD). 1 kUSD has a target value of $1 USD, with actions like minting and burning of coins helping to achieve this value. mUSD is the platform’s mining token, and those who hold it earn block rewards via newly minted kUSD. Those who want to mine kUSD must own a minimum amount of mUSD, which is currently 30,000 units.