Cardano Set to Launch New Stablecoin Next Year
Despite lackluster price action, Cardano keeps innovating and adding essential components to its ecosystem.
Djed, a new stablecoin, will launch on the Cardano mainnet in January 2023. Cardano has partnered with COTI to launch an ''over-collateralized algorithmic stablecoin.'' The stablecoin will be launched after a successful audit and rigorous stress-testing.
Djed will be pegged to the US Dollar, backed by ADA, and it will use SHEN as its reserve coin. Shahaf Bar-Geffen, CEO of COTI, said that Djed will serve as a ''safe haven in the Cardano network.'' The developers plan to adopt a gradual approach to providing liquidity to the Djed smart contract.
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