COTI To Issue Djed Stablecoin On Cardano

Read the full article by Anthony Quinn here

This weekend at the Cardano Summit founder Charles Hoskinson and Shahaf Bar-Geffen made a big announcement in regards to it’s new stablecoin Djed.

The Coti blockchain will be the official issuer of Djed, a protocol that uses smart contract technology to ensure price stability. Coti was designed algorithmically with smart contract technology to make sure the blockchain will be an efficient solution for decentralized finance(DeFi) transactions.

How Djed will work?

The coin will operate by maintaining a reserve of base coins, while minting and burning a variety of other assets and reserve coins. This process allocates some of those assets being burned to cutting down the cost of transactions, which allows fees on the network to be a lot more predictable and users a lot more freedom when making a trade.

IO Global chief executive Charles Hoskinson said: “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 robust method of combating price volatility of crypto markets.

'COTI has been a long-time partner of the Cardano ecosystem. It’s great to have them on board with this new venture.”