The situation around SVB in recent days has led to problems for the issuers of many stablecoins. However, some have become beneficiaries of the situation. The Djed stablecoin, developed on the Cardano platform, reached an instant value of $1.08. It even surpassed USDT, the largest stablecoin market with a capitalization of over $70 billion.
On the afternoon of Sunday, March 12, Djed cost $1.03. At the same time, Tether USD was selling at $1.01.
During the day, the trading volume of the stablecoin on Cardano also increased. It stands at almost $600,000, more than double the previous days for Djed.
Djed is an algorithmic stablecoin developed by COTI in early February 2023. Its reserve is 33.28 million ADA tokens.
Now the stablecoin market is gradually calming down after the panic that arose on March 10th. The hardest hit USDC token is still trading below the dollar at $0.95.
Earlier, Bits.media published a detailed article about the nuances of securing USDT by Tether.
Source: Bits
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