Cardano Creates Stablecoin Named Djed, Will Be Issued By COTI

Cardano ready to launch Djed stablecoin via COTI (Cardano)

JAKARTA – Recently the founder of Cardano (ADA) Charles Hoskinson revealed that his party will present a stablecoin for the development of the Cardano ecosystem. This was stated by Hoskinson at the 2021 Cardano Summit meeting which was held on September 25-26 yesterday.

Djed plans to be published by a financial ecosystem on the blockchain called COTI. He also added that COTI will be the official issuer of the new stable coin.

According to DailyHodl, Djed's stablecoin protocol is based on an algorithmic design that leverages smart contracts to ensure its price remains stable. Smart contract programming will also be used to ensure stablecoins work effectively in decentralized financial transactions (DeFi).

Djed stablecoin will function like USDT, USDC, or BUSD which have stable prices. It is possible that Djed will be used as a medium of exchange on the Cardano exchange platform, Cardax whose appearance has been rumored some time ago.

Shahaf Bar-Geffen, CEO of COTI Group, said that the stablecoin ecosystem is maturing and the stable coin will serve as a daily transaction tool. He also assessed that the Djed stablecoin being added to the Cardano blockchain would increase transactions within the platform.

“The stablecoin ecosystem has matured greatly over the past few years. Blockchain participants use stablecoins to engage in day-to-day transactions because they enable the exchange of value for money in a seamless way – regardless of the location of the sender and recipient. I believe that adding a Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are completed on the platform,” said Bar-Geffen.

Responding to this positive response, Charles Hoskinson believes that Djed will be able to change the game in the crypto universe.

“The Djed stablecoin could be a game changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a powerful method to combat crypto market price volatility. COTI has long been a partner of the Cardano ecosystem. It's great to have them in this new endeavor," Hoskinson said.

For information, COTI is a financial ecosystem on a blockchain that is fully designed to address centralized financial issues such as fees, latency, inclusion, and global risk. They also focus on the problems that occur in the DeFi environment including costs, bottlenecks, and complexity.

Therefore COTI introduced the DAG protocol and basic infrastructure that is efficient, fast, inclusive, low cost for transactions in the financial system.