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
Tether has stabilized, but not for long
USDT temporarily restored parity with the US dollar tonight. Amid growing competition from other stablecoins launched on behalf of major players in the crypto industry, Tether continues to fight with massive buybacks of previously issued tokens.
Tether blocked an address with crypto assets worth more than $1 million
According to Ethereum platforms Etherscan and Dune Analytics, Tether has added another address to its list of blocked addresses with a balance of over $1 million in USDT.
