In January, Djed, Cardano’s first decentralized stablecoin, will launch on the primary network.

During the Cardano Summit conference in Lausanne, Switzerland, developers made the announcement. Djed is a decentralized stablecoin that will operate on Layer-1 of the Cardano blockchain and is soft-pegged to the dollar.

The COTI Network CEO and co-founder, Shahaf Bar-Geffen, provided information about the Djed stablecoin release and the subsequent steps in its development. COTI Network is a long-standing partner of the Cardano ecosystem.    

Tomorrow, NOV 21st, 3pm CET on #CardanoSummit2022 main stage. Watch it! $COTI @COTInetwork @Cardano @IOHK_Charles

— Shahaf Bar-Geffen (@shahafbg)    November 20, 2022   

In January 2023, the eagerly awaited algorithmically-backed stablecoin Djed finally launched, according to a statement made by Bar-Geffen at Cardano Summit, the largest Cardano community gathering of the year.

For more than a year, the stablecoin has been in development. Once the platform is up and running, Cardano users can use ADA as collateral to mint the stablecoin.

The stablecoin is intended to be overcollateralized, which means that additional collateral in the form of cryptocurrency kept in reserve is used to support it. Each Djed will need to be coined with a collateral value of at least 400%.

The stablecoin will be included in more than 40 decentralized exchanges, DeFi protocols, on-chain lending/collateralization tools, and other services right after the mainnet launch.