Cardano’s new algorithmic stablecoin Djed is now live on the mainnet.
However, this has not stopped developers on the Cardano network from pushing forward with the launch of the ecosystem’s overcollateralized stablecoin. Djed launched on the Cardano mainnet on Jan 31. and is pegged to USD and backed by Cardano’s native coin ADA . It uses the SHEN token as its reserve coin.
According to the announcement the new token recently completed a successful security audit and was under development for over a year. DJED is a product of Coti, aCointelegraph reached out to the developers for further comments on the launch. Prior to the launch of the new Cardano stablecoin, the idea of bringing another algorithmic stablecoin into existence
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