June 16, 2024

Djed stablecoin outperforms USDT amid USDC troubles

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Djed stablecoin outperforms USDT amid USDC troubles

The Djed stablecoin, issued on the Cardano blockchain by COTI, has risen sharply in price amid the collapse of Silicon Valley Bank (SVB) and the subsequent collapse in the price of USDC.

The situation around SVB in recent days has led toпроблемам у эмитентов многих стабильных монет. Однако некоторые стали бенефициарами ситуации. Стейблкоин Djed, разработанный на платформе Cardano, одномоментно достиг стоимости в $1,08. Он даже превзошел USDT – крупнейшего представителя рынка стейблкоинов с капитализацией более $70 млрд.

On the afternoon of Sunday, March 12, the price of Djed was $1.03. At the same time, Tether USD was selling at $1.01. 

Over the course of the day, the trading volume of the stablecoin on Cardano also increased. It is almost $600 000, which is more than double the previous days for Djed.

Djed is an algorithmic stablecoin developed by COTI in early February 2023. Its reserve is 33.28 million ADA tokens.

Now the stablecoin market is gradually calming down after the panic that arose on March 10th. The hardest-hit token, USDC, is still trading below the dollar, at $0.95.

Earlier, Bits.media published detailed material on the nuances of securing USDT by Tether.