Charles Hoskinson Shares the Development update Of Djed as the Cardano-Based Stablecoin Closer to Launch

Charles Hoskinson, the CEO of Input Output Global (IOG), who created Cardano (ADA), the largest proof-of-stake (PoS) blockchain, has shared a development update from COTI, a firm that currently builds Djed stablecoin in conjunction with IOG.

On 24th December, COTI shared a development update in relation to the launch of the much-awaited stablecoin, Djed. According to the update, the launch of the stablecoin is around the corner.

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COTI tweeted, “As we are getting closer to the launch of Djed stablecoin, we are pleased to share some updates on the development and progress of: *The current Djed Plutus Implementation *Next Milestones.”

Charles Hoskinson Reacts to COTI’s Progress

Reacting to the update, Charles Hoskinson, the creator of Cardano (ADA), said he’s glad to see the progress of COTI in the quest to make the launch of Djed stablecoin a reality.

Charles Hoskinson tweeted, “Glad to see Coti making great progress with Djed.”

The article is based on the details of the current Djed Plutus implementation and the next milestone. It’s said that they are working on main contracts that will help provide oracle exchange rates, enable users to submit multiple orders at the same time, cancel orders, among others. The implementation is currently in the test phase.

According to the update, a pre-released version will be delivered in the next few days for UI integration.

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COTI devs added that the pre-released version will provide endpoints for: “Querying the stablecoin bank reserve, Querying buying and selling prices for stablecoins /reserve coins, Querying list of pending orders, Submitting orders and canceling pending orders, and Implementation of configuration management contact responsible for version control and contract upgrades.”

Djed is designed to leverage smart contracts to maintain a base coin reserve in an autonomous bank, which will also operate using smart contracts. This will give users the ability to trade stablecoins and use them for decentralized finance (DeFi)-based transactions.

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