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Cardano's Djed Gains Traction and Overtakes USDT Amid Stablecoin Drama

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Sun, 12/03/2023 - 11:25
Cardano's Djed Gains Traction and Overtakes USDT Amid Stablecoin Drama
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Following the storm in the stablecoin sector in recent days, Djed, the stablecoin developed by COTI on Cardano, has gained a premium over the rest of the market and at one point was even trading at $1.08 against the dollar. As a prime example, Djed traded at a premium and continues to do so even to USD from Tether, USDT, the largest stablecoin with a capitalization of $73.5 billion.

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The difference between USDT and Djed is now 1% in favor of the latter. At the same time, the ADA-backed stablecoin continues to grow in trading volume. At the moment, according to CoinMarketCap, the value stands at $545,252, up 268% from the last two days.

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The crisis in the stablecoin sector was the first big test for Djed, launched on Cardano's core network just over a month ago. As covered by U.Today, Djed, developed by COTI, is an algorithmic stablecoin with redundant collateral; a more detailed description of its principles and operating mechanism can be found here. Djed's current reserve is 33.28 million ADA, which is 428% collateral. The circulating offer of the stablecoin currently stands at 2.4 million Djed.

Broken circle

The peak of the panic now seems to have passed, and the prices of a number of stablecoins, such as LUSD or BUSD, have regained their peg to the dollar. The main culprit, USDC, continues to trade below the key mark, at $0.96 per token. The community is now waiting for the start of the work week to see what further steps will be taken on this issue.

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