Cardano is set to deploy its first stablecoin soon – Djed.
Charles Hoskinson at the Cardano SummitSunday said that the Djed stablecoin will contribute to the growth of the decentralized Cardano ecosystem and be used in DeFi protocols.
Djed – It is an algorithmically pegged stablecoin backed by a supply of the underlying cryptocurrency to keep the price around $1.
The project was prepared in cooperation with the software developer COTI, a long-term partner of Cardano. According to Hoskinson, the developers have high hopes for the new project:
Stablecoin Djed 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.
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