What is Cardano’s new stablecoin DJed?

As just revealed during the Cardano Summit by none other than Charles Hoskinson, Cardano’s founder, COTI will become the official Djed issuer, Cardano’s new stablecoin. Djed is a stablecoin based on an algorithmic design. It uses smart contracts to ensure price stabilization, and the coin will be useful for decentralized finance (DeFi) operations.

What is the djed stablecoin (Jed)?

The Djed stablecoin is the first stablecoin issued on the Cardano blockchain, and unlike most other stablecoins, Djed actually differs quite drastically from the norm and does a few different things that make it stand out from the rest. The Djed Stablecoin is an algorithmic protocol that is pegged to a target price ($1USD).

Is Coti the official issuer of djed?

At the Cardano summit in September Charles Hoskinson and Coti CEO Shahaf Bar-Geffen announced that Coti would be the official Djed issuer. Coti will write all Djed contracts and run the front end interacting with funds, enterprises or anyone that wishes to mint reserve coins and stablecoins.

What is DJed coin (DJed)?

Stable coins main goal is to eliminate volatility so everyday business can take place in a decentralized, transparent, immutable and secure way. Djed is another huge part of Cardano’s vision of “Realfi”.