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
In Japan, stablecoins are not considered cryptocurrencies
The Japanese financial regulator, the Financial Services Agency (FSA), does not classify stablecoin as a cryptocurrency. While emphasizing that fiat-pegged coins are likely not digital currencies, the regulator has clarified the registration requirements for issuers and sellers of these tokens.
Facebook shuts down cryptocurrency project Libra
The company first announced the launch of Diem (formerly Libra) in 2019, but regulatory pressure prevented Facebook from implementing its plans.
