### While the much anticipated DJED and EMURGO stable coins are set to launch early next year, Indigo Protocol claims that its synthetic assets and $iUSD (stable coin) are live on the Cardano mainnet.

Dan Gambardello, a crypto analyst quickly alerted the Cardano community by tweeting that the "First stablecoin on #Cardano has launched." 

<blockquote className="twitter-tweet">Breaking: First stablecoin on <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> has launched 🚀<a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> <a href="https://twitter.com/search?q=%24iUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$iUSD</a>&mdash; Dan Gambardello (@cryptorecruitr) <a href="https://twitter.com/cryptorecruitr/status/1594809477303246869?ref_src=twsrc%5Etfw">November 21, 2022</a></blockquote> 

Dan retweeted the announcement from Indigo: 

<blockquote className="twitter-tweet">⚡️Synthetic Assets and <a href="https://twitter.com/search?q=%24iUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$iUSD</a> are live on <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> with Indigo Protocol v1🔥 <a href="https://twitter.com/search?q=%24INDY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$INDY</a> 🔮<a href="https://t.co/690C28pGz5">https://t.co/690C28pGz5</a> <a href="https://t.co/x9N7VbnZSX">pic.twitter.com/x9N7VbnZSX</a>&mdash; Indigo | Synthetic Assets on Cardano (@Indigo_protocol) <a href="https://twitter.com/Indigo_protocol/status/1594741493792911365?ref_src=twsrc%5Etfw">November 21, 2022</a></blockquote> 

We reached out to Indigo to request for more information on exactly how the iUSD stablecoin works and will update this article if/when they respond. 

Meanwhile, from the website of [Indigo](https://indigoprotocol.io/), we understand that Indigo is a protocol for synthetic assets. 

The approach of Indigo differs from wrapped assets, and Indigo explicitly states that their protocol is non-custodial. Assets are not bridged from outside. Indigo does not wrap assets. iBTC and iUSD are reportedly already available to mint. 

It appears from the Indigo FAQ that the protocol is designed to allow users to mint iassets, which will mimic the price of the actual asset using oracles. 

We have not yet gained access to how exactly Indigo's oracles work but we know that in general oracles, in crypto, refer to off-chain, verifiable information sources utilized by a protocol to bring and utilize data (asset prices, for instance) on-chain. 

An oracle is necessary because a protocol is only able to access data on its own chain. Things like the price of asset outside the chain are thus, outside of the reach of the algorithms in the protocol. 

The oracle is meant to be way for the protocol to connect to the 'real world' or 'outside world'. The issue with oracles is how to build trust and how to make sure the oracle provides truthful information. 

Typically, this problem is solved by requiring oracles to stake tokens as a security for acting in a trustworthy and accurate manner. If an oracle provides false information or acts maliciously, the protocol can take the security provided. 

It also appears that to mint an iasset on Indigo, a user will need to provide ADA collateral. We are unsure if other collateral is accepted at the moment. We were interested to learn more about Indigo because it was described as the "First stablecoin on #cardano". 

After reading the information on Indigo's website, we understand it to be a synthetic stablecoin and do not agree that it is a stablecoin, in a strict sense. 

Note: the above article is for general information purposes only. 

*This is not an endorsement of the Indigo protocol, and is not financial advice.*

While the much anticipated DJED and EMURGO stable coins are set to launch early next year, Indigo Protocol claims that its synthetic assets and $iUSD (stable coin) are live on the Cardano mainnet.

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