Cardano is preparing to release a stablecoin

Cardano is preparing to release a stablecoin

Cardano is set to roll out its first stablecoin, Djed, soon.

Charles Hoskinson said at the Cardano Summit on Sunday that the Djed stablecoin will contribute to the growth of the decentralized Cardano ecosystem and be used in DeFi protocols. 

Djed is an algorithmically pegged stablecoin backed by a supply of the underlying cryptocurrency to keep the price around $1.

The project was prepared in collaboration with software developer COTI, a long-time Cardano partner. According to Hoskinson, the developers have high hopes for the new project:

The Djed stablecoin could be a game changer in the crypto space, reaching out to a whole new audience at a time when the industry is already experiencing astronomical growth.

Subscribe to ForkNews on Telegram to always stay up to date with the latest news from the world cryptocurrency

You May Also Like

1292018-10-16

What's happening with Tether?

The world's largest crypto exchange Binance suspended Tether (USDT) withdrawals on Monday morning during a "period of increased activity."

Stable coins
3362018-12-26

WhatsApp is developing a payment system

After recent news that Facebook is going to engage in cryptocurrency developments, representatives of the WhatsApp subsidiary announced the creation of a new digital payment system.

Payment Systems, Stable coins, Blockchain

Latest articles from Stable coins category