Stablecoin Djed, Which Is Based On ADA, Goes live On The Mainnet

Cardano (ADA), which competes with Ethereum (ETH), has seen Djed (DJED), its first overcollateralized stablecoin, go live on the mainnet.

DJED is backed by Cardano’s native token, ADA, and aims to be tied to the US dollar.

Last month, Djed issuer COTI (COTI) announced that Djed had changed to a multi-chain network that now supports private payment networks.

It was also said that Djed’s deposit fees will go down by 50% when it changes from a fixed system to a dynamic one.

COTI said that the changes would help make it more common for goods and services to be paid for with crypto assets.

“This launch signifies a massive step for the crypto industry, as well as COTI, as the [upgrade] will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions.”

Now, Djed is officially live on Cardano after passing a security audit. The COTI team says in a new announcement that the launch is a big step forward for decentralized finance (DeFi) as a whole.

“The much anticipated public mainnet launch of Djed heralds a new era for stablecoins. Launching Djed is a significant milestone for COTI, the Cardano ecosystem, and for the DeFi ecosystem as a whole. Being a decentralized open-source protocol, Djed is community-driven, as it brings an opportunity for users to hold, mint, and burn DJED and SHEN.”

DJED is on Bitrue, Winswap, Wingriders, and Muesliswap, and more sites are expected to list it soon.