Cardano stablecoin Djed gets new partnership

At the end of November you could read in the Cardano news that the algorithmic stablecoin Djed will be launched this month on the Cardano network (ADA). COTI, a platform that builds a finance ecosystem on the blockchain, is the official issuer of this stablecoin.

COTI has now announced that it has secured a new partnership for Djed.

We are pleased to announce another Djed partnership, this time with @YeppleIncto integrate $DJED payments for NFTs on Cardano.

Read more: https://t.co/30QOeB2ofe$COTI pic.twitter.com/OM3zTqNlAA

— COTI (@COTInetwork) January 5, 2023

Djed payments for NFTs

COTI has managed to add Yepple to the list of partners. Yepple is a blockchain development company that builds NFT payment gateways. This will make it possible to pay with the algorithmic stablecoin for non-fungible tokens (NFTs) on cardano.

When selling an NFT collection, project makers are subject to the fluctuating price of ADA. For example, ADA is one of the major victims of the persistent bear market, as Cardano’s price is currently about 90% lower than the all time high. To prevent this, makers will now be able to list their NFTs with an asking price in Djed. This is possible creators help to get a predictable income.

Yepple’s CEO said the following about the new partnership:

“We can’t wait to implement Djed in our NFT payment gateway. Once we’ve done this, we’ll be sure to implement it in our other custom solutions. With the constant fluctuations of the ADA price, having a stablecoin as a payment method is a must for property developers. This will help creators secure funding for the future development of their project.”

Algorithmic stablecoin

As mentioned earlier, Djed uses an algorithm to keep its value stable. Djed will be pegged to the US dollar and will be backed with crypto assets rather than fiat money, as is the case with Tether (USDT). The value of USDT is kept stable by maintaining a reserve. For every USDT in circulation, Tether holds a dollar (or equivalent) in reserve.

Cardano users can start using ADA as collateral for the mint from Djed. When you send ADA to a specific smart contract on Cardano, you will receive the dollar value in Djed in return. Conversely, for 1 Djed you will in turn also receive $1 in ADA.