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Cardano's Djed Stablecoin Scores New Partnership Ahead of Launch

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Fri, 6/01/2023 - 13:32
Cardano's Djed Stablecoin Scores New Partnership Ahead of Launch
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The COTI network has announced a new Djed partnership, this time with Yepple, a blockchain development startup that offers NFT payment gateways that accept any fungible native token as payment.

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The price of ADA is susceptible to change when a project creator sells an NFT collection. Creators will now list their NFTs with a DJED price tag to stop this from happening. This will make it easier for creators to have stable revenue.

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Cardano's Djed Stablecoin Sees 35 New Partnerships as Mainnet Launch Nears

The agreement, according to COTI in a blog post, aims to ensure optimal Djed usage throughout the whole Cardano ecosystem. Particularly, this collaboration will improve the integration of Djed payments for NFTs on Cardano.

Djed, a crypto-backed algorithmic stablecoin developed by Cardano builder IOG and powered by COTI uses smart contracts to achieve price stabilization. The protocol is still in the testing phase, as work on the platform is ongoing.

In December, as reported by U.Today, Djed's public testnet version 1.1.1 was reactivated. This version comes with several new capabilities, one of which is the Vasil hard fork compatibility.

Shahaf Bar-Geffen, CEO of the COTI network, stated that Djed would go through an extensive third-party security audit before being made available on the mainnet after developers and testers have confirmed its security and functionality. The anticipated launch date for the algorithmic stablecoin is January 2023.

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