Cardano developers announced at the Cardano Summit in Lausanne, Switzerland that its first decentralized stablecoin, Djed, will be launched on the mainnet in January.
It is reported that Djed is a decentralized stablecoin soft-pegged to the US dollar developed by Coti in cooperation with Cardano's chief developer Input Output. It has been under development for more than a year. After the launch of Djed, Cardano users will be able to use Cardano's native token $ADA as collateral to mint stablecoins. Stablecoins are designed to be over-collateralized, and each Djed requires more than 400% of the collateral value to be minted.
Additionally, Djed will be integrated into 40 applications in the Cardano ecosystem at launch, and will be accompanied by the launch of DjedPay, a service that will enable merchants and other crypto users to accept Djed payments.
