Intersect, Cardano’s development funding administrator, has moved $26.1 million into USDCx, a dollar token on Cardano backed by USDC reserves on Ethereum. Two stablecoin budgets have been identified: 4,505,955 USDM for Intersect’s governance and technical stewardship, and 316,253.88 USDM for Se7en Labs’ Daedalus wallet program, both extending into 2027. This conversion aims to shield these budgets from ADA price swings, but dollar redemption remains subject to specific conditions: USDM via Moneta requires a verified account and jurisdictional authorization, while USDCx must be burned to release native USDC, followed by a Circle Mint account for dollar withdrawal. Intersect’s treasury also holds 201.67 million ADA and ADA-denominated budgets for Hydra (4,947,757.56) and Pallas (525,000), retaining direct exposure to ADA’s price.
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