Djed, the long-awaited decentralized stablecoin pegged to the US Dollar, has finally been launched on the Cardano blockchain.
A blockchain firm, Coti, in collaboration with Cardano’s core developer Input Output Global (IOG) developed the newly launched stablecoin.
Djed aims to be used on decentralized finance (DeFi) protocols in the Cardano ecosystem as a stable alternative to volatile digital currencies.
Each stablecoin will be over-collateralized by 400-800% with Cardano’s native asset ADA — while using SHEN as a reserve coin. This over-collateralization makes it similar to the dai stablecoin in the Ethereum ecosystem, but it has a minting and burning mechanism like other algorithmic stablecoins.
Djed is expected to be integrated into 40 applications within the Cardano ecosystem. It already received support from decentralized exchanges, including MinSwap, Wingriders, and MuesliSwap.