Cardano Announces Stablecoin Djed Will Next Sunday

Cardano immediately launched a stablecoin Djed. (Photo; Doc. Unsplash)

JAKARTA - Cardano's new stablecoin, Djed, is scheduled to launch in the near future. Cardano is working with the COTI payment company in Djed development.

In a new blog post, the COTI payment company stated that Djed, Cardano's new stablecoin, is scheduled to launch next week. According to its developer, the only thing blocking Djed's launch is the chain index synchronization process, which is almost complete.

The developer hopes to complete the process and is ready to launch this new stablecoin in the near future. However, currently no definite date has been given for the stablecoin launch.

"We have started the process of synchronizing the chain index. This process can take 14 days, and since we started synchronization a week ago, we hope to complete it next week and be ready to launch. Currently, this is the only technical obstacle that hinders launch," Djed wrote in a blog post.

As reported by DailyHodl, last month, COTI announced that Djed had switched to a multi-chain network that now supports private payment networks. It was also announced that Djed's deposit fee would be reduced by 50 percent as it shifted from fixed withdrawal price to dynamical system.

COTI said that this change would help wider adoption of crypto assets as payment for goods and services.

"This launch marks a major step for the crypto industry, as well as COTI, as this [increase] will increase the widespread adoption of crypto payments for companies that have not adopted crypto payment solutions," COTI wrote.

The estimated launch date of the Djed project has come to light after Hong Kong's Input Output (IOHK), a developer of the Cardano blockchain, announced a number of new projects to be developed over the network. The projects include NFT (non-fungible tokens) markets, the metaverse, and decentralized exchange platforms (DEX).

In addition, IOHK also revealed that there will be a crypto wallet to be developed on top of the Cardano blockchain, which will allow users to securely store, send and receive cryptocurrencies. IOHK has not yet provided a definite date for the launch of the Djed project and other projects.