Cardano stablecoin launch date announced — Djed

Specialists from COTI Network, a company that develops decentralized payment systems and stablecoins, have announced the launch date of Djed, an algorithmic stablecoin for Cardano. According to a post on Twitter, the new cryptocurrency will be presented to the general public next week.

We are pleased to share another update about Djed's progress and to inform you that the launch is scheduled for next week!

Read more: https://t.co/7kPjfGMNmk$DJED $COTI @InputOutputHK @Cardano pic.twitter.com/mHA5KVblay

— COTI Foundation (@COTInetwork) January 24, 2023

Currently, Djed is being prepared for launch, and according to the developers, the only problem they have encountered is the synchronization of the network index. This process started a week ago, and according to preliminary estimates, it should take 14 days.

Interestingly, after COTI Network’s announcement, the value of the main cryptocurrency of the Cardano blockchain fell by 6.4% ADA $0.88 Cardano -0.94% Market capitalization $31.36 billion VOL. 24 hours $0.22 billion . Analysts predicted that the situation will change next week and that ADA will grow.

COTI developers have announced that Djed will be traded on the Bitrue exchange. Also, last week, COTI Network explained that Djed has 400−800% overcollateralization. «This means that it has 4−8 times more base value than the total amount of Djed issued ,» the company’s specialists emphasized.

At the end of November, Emurgo, which operates as a separate official commercial arm of Cardano, announced plans to issue a centralized stablecoin. The cryptocurrency will be called USDA. «The introduction of a stablecoin that is fully backed by fiat currencies and compliant with regulatory requirements is the next step in realizing a cloudless future for the cryptocurrency community ,» said Vinit Bhuvanagiri, director of Emurgo Fintech.