Cardano Stablecoin Djed is Now Live on Mainnet

After more than a year of development, Djed, a decentralized stablecoin linked to the US dollar, emerged on the Cardano blockchain.

Input Output, a core developer for Cardano, and Coti, a blockchain company, jointly created Djed.

The value of Djed is intended to stay close to the dollar and is supported by an excess of ADA, the native cryptocurrency of Cardano.

In the Cardano ecosystem, Djed is intended to be used on DeFi protocols as a reliable substitute for volatile coins.

With Cardano’s native asset, ADA, each stablecoin will be over-collateralized by 400–800% while using SHEN as a reserve coin.

It is comparable to the Ethereum ecosystem’s dai stablecoin due to its excessive collateralization, but it also contains a minting and burning mechanism like other algorithmic stablecoins.

Djed is anticipated to be incorporated into 40 applications within the Cardano ecosystem. Decentralized exchanges Wingriders, MuesliSwap, and MinSwap have already endorsed it.

In November, the Coti team announced plans to introduce DjedPay, a service that will enable merchants and other crypto players to accept payments in the stablecoin.