First Cardano-Based Decentralized Stablecoin Djed To Go Live in January

The first-ever Cardano-based stablecoin, dubbed Djed, is set to hit Cardano mainnet in January 2023. The team made this known at the just-concluded Cardano Summit 2022, held in Lausanne, Switzerland.

Developed by the Charles Hoskinson-led Input Output Global (IOG), and issued by COTI, Djed is a decentralized algorithmic stablecoin built on the Cardano blockchain. 

The Djed algorithmic stablecoin is designed to maintain stability through a combination of collateral and a reserve token. Following the January launch of Djed, Shen will serve as Djed’s reserve token while ADA will be used by users as collateral to mint the stablecoin. 

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Djed Mainnet Launch

As disclosed by developers during the Cardano Summit 2022, Djed will hit Cardano mainnet in early 2023. DjedPay, a service developed to allow merchants and other businesses to accept Djed payments would be rolled out alongside the launch of the Cardano-based stablecoin. 

According to Shahaf Bar-Geffen, the CEO at COTI, “Djed takes what’s great with crypto as collateral, meaning no fiat in the system, but also takes over-collateralization very seriously.” Over-collateralization here means that the stablecoin will have surplus collateral held in a reserve.