IOHK CEO Charles Hoskinson announced that the first algorithmic stablecoin Djed will be launched on the Cardano network.
During a speech at the Cardano Summit held on Sunday in the US state of Wyoming, Charles Hoskinson said that the value of the Djed token will be secured by smart contracts – algorithms will operate on the stocks of the underlying coins so that the Djed price is about $ 1.
The stablecoin Djed is developed by COTI. According to an article on the IOHK blog, the demand for stablecoin will be huge as it can be used to pay commissions on the Cardano network. In addition, the token is being developed with an eye to use in DeFi projects.
“Over the past few years, the stablecoin ecosystem has grown and matured significantly. Blockchain users use stable cryptocurrencies for their day-to-day transactions, as they enable fast and smooth movement of funds, regardless of the location of the sender and recipient. I believe that the advent of Djed on the Cardano network will significantly improve the settlement of transactions on the platform, ”said Shahaf Bar-Geffen, CEO of COTI Group.
Hoskinson noted that COTI is a long-time partner of IOHK and he is pleased to welcome the company’s new project in the Cardano ecosystem. Recently, COTI and Ardana stablecoin hub announced a partnership to offer the Cardano community stablecoin payments for goods and services around the world through the ADAPay payment system.
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