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Cardano's Djed Stablecoin Launch in Mainnet Is Near, ADA Contributor Assumes

Tue, 01/17/2023 - 09:31
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Gamza Khanzadaev
Cardano stablecoin launch is imminent, ADA contributor suggests, after learning its price
Cardano's Djed Stablecoin Launch in Mainnet Is Near, ADA Contributor Assumes
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ADA staking pool owner DIGI and Cardano enthusiast Rick McCracken has discovered an interesting find on Cardano-based stablecoin Djed. According to the information listed there, Djed, which has launched on the test network to date, is now worth $1.019.

Based on the positive developments in the life of algorithmic Cardano-based stablecoin, the enthusiast has suggested that its launch on the main network is imminent.

Cardano Contributor Teases Major Developments for ADA Payments

What's up with Djed?

Recall that Djed is an over-collateralized stablecoin, where more than 400% of the collateral value is used to mint each coin. According to Djed's official website, it is currently worth the equivalent of 2.94 ADA, with a supply of 676,496 tokens. Cardano's native token, ADA, in turn equates to $0.35, having reached this mark after rising 43% during January.

That said, McCracken's suggestion of an imminent launch confirms the plans of the stablecoin development team itself, which previously stated that Djed's release on the main network would take place as early as the first month of 2023.

Cardano-Based Stablecoin Djed on Track to Be Launched This Month

As reported by U.Today earlier, in addition to the stablecoin itself, DjedPay, a platform through which various merchants and other organizations will be able to accept payments in Djed, is to be released simultaneously. The company that developed it, COTI, is actively working to attract partners to use the algorithmic stablecoin.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.