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Cardano launches the most ambitious project – it will have its own stablecoin!

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Cardano launches stablecoin
Source: Shutterstock, JLStock

After the weekend summit, Cardano announced significant news, which will certainly mean for the network great future. But now comes another important message. Cardano plans to launch its own stablecoin called Djed.

Cardano launches its own stablecoin

The main goal of the project will be to reduce transaction fees and facilitate the launch of DeFi projects. The company is behind the development of stablecoin COTI, which is generally engaged in software development.

This important report was announced directly by the founder of Cardano Charles Hoskinson, who showed the details at the weekend summit. Stablecoin will be launched directly in the Cardano network and will significantly support the growth of the ecosystem.

Does Cardano need stablecoin Djed?

In general, stablecoin serves to maintain a stable value. The best known and currently the largest stablecoin is USDT from Tether. In the case of stablecoin Djed, its value will be stable thanks to an algorithm that uses the design of smart contracts. Djed thus maintains its stability, while mining and burning other stable assets and reserve coins.

Stablecoin algorithm Djed

 

Stablecoin algorithm Djed. Source: IOHK

A great future?

Executive Director of COTI Group Shahaf Bar-Geffen stated that the use of stablecoin will allow users to maintain control over their transactions due to its stability and low fees.

In any case, I consider the main advantage that Djed will be used daily in the network, which will significantly improve settlement of transactions on the platform. It is one of the most ambitious implementations, which are directly aimed at improving the ecosystem.

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