Cardano's first native stablecoin will launch next week

Cardano's first native stablecoin will launch next week Cardano ADA stablecoin

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Djed has been a highly anticipated addition to the Cardano ecosystem since the project was first revealed in early 2022, as there are currently no stablecoins supported by the platform. The stablecoin is being jointly developed by Cardano code maintainer IOG and Coti, a layer-1 blockchain. “Djed is fully backed and overcollateralized with a significant reserve ratio, up to 8x. The Djed contract has enough money to buy back all the Djed stablecoins in circulation for 1 USD worth of the backing asset, thus maintaining the peg and would still have a lot of money left,” the team behind Djed said.

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