Cardano's Djed to become a token with Binance and Ethereum

• DJED stablecoin is expanding its reach to Ethereum and Binance Smart Chain (BSC).
• The stablecoin is a path toward advancing broader DeFi ecosystem’s growth.

---

DJED, the most prominent stablecoin on the Cardano protocol is expanding its influence across the board with its gradual effort to become a multi-chain token. The stablecoin, tagged as one of the most functional overcollateralized tokens in the Web3.0 world has blinked a lot of positive growth push over the past few weeks, especially at a time when the industry’s stablecoin ecosystem saw its biggest stress test.

Investors panicked with the temporary depegging of the USD Coin (USDC) following the exposure of its issuer Circle to some of the collapsed banks in the United States including Silicon Valley Bank. While USDC faced this stress test, the DJED stablecoin stayed resilient, showcasing the power of its collateralization and enlightened community.

According to COTI’s Chief Executive Officer, Shahaf Bar-Geffen, the resilience of DJED was showcased based on the nature of its design. He highlighted that the fact that the stablecoin operates in a decentralized manner is a big boost for trust. He also said that the claims that DJED is overcollateralized can be viewed on-chain unlike other stablecoins whose reserve as obscure from users.

While primarily resident on the Cardano project, COTI, the startup responsible for the development of the stablecoin is now expanding its reach to both Ethereum (ETH) and the Binance Smart Chain (BSC) protocols respectively. 

"Djed will be on other chains as well. Obviously on Ethereum and Binance Smart Chain just to name a few…because defi ecosystems need a stablecoin that is stable and reliable.@shahafbg $Djed $Shen $Ada $Coti @COTInetwork pic.twitter.com/eS8j3bxHNJ

— 𓊽 Djed 𓊽 (@DjedStablecoin) March 20, 2023

DJED as a Cardano-based stablecoin has seen a lot of embrace since its inception with an even more heightened trading volume recorded over the past week following the banking crisis.

The deployment of Ethereum and BSC will unleash the stablecoin to seek more markets beyond the Cardano protocol, and thus aid the growth of the token as a truly decentralized and interoperable asset.

Djed stablecoin: Championing the DeFi Growth Beyond Cardano

DJED as a stablecoin has a very bullish start to its existence and it has not yet proven unworthy of its tag. By virtue of its new push, DJED is positioning itself to help champion the growth in the Decentralized Finance (DeFi) ecosystem beyond just Cardano.

According to Shahaf, the industry needs a truly stable digital currency. In his words;

“Djed will be on other chains as well. Obviously on Ethereum and Binance Smart Chain just to name a few…because defi ecosystems need a stablecoin that is stable and reliable.”

Subscribe to our daily newsletter!

          No spam, no lies, only insights. You can unsubscribe at any time.

Cardano is fully supporting the global growth and acceptance of DJED. Some of this support is manifested in the continuous improvement on its ability to scale, a feature that will help DJED take on as much transaction load as possible with its parabolic expansion. 

Shahaf noted that there are other big plans for DJED stablecoin but that the diversification plan will take more precedence for now.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.