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.
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