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Cardano's Djed stablecoin has recently hit an all-time high in circulation, with over 4.24 million coins minted, according to its official site. Developed by IOG and powered by COTI, Djed is an overcollateralized stablecoin backed by Cardano's native blockchain token, ADA, and it uses SHEN as a reserve coin.
Gamza KhanzadaevOne of the most noteworthy aspects of Djed is its reserve ratio of 400%, which means that its current circulating supply is backed by four times the amount of its outstanding coins. This provides an extra layer of security to Djed, making it a more stable and reliable option for users. Thus, Djed's current circulating supply is backed by 16.89 million Djed, which is equal to 38.7 million ADA.
Djed and COTI
Interestingly, the unprecedented minting of Djed coincided with two other attention-grabbing events.
On the one hand, according to CoinMarketCap data, Djed trading volume increased by more than 38% in the last 24 hours. Increased volumes in stablecoin trading were also seen earlier this month.
Tomiwabold OlajideAnother interesting event was the growth of COTI quotations by more than 30% over the last eight days. Another interesting event was the growth of COTI quotations by more than 30% over the last eight days. COTI is a native token of the company of the same name that emits Djed, and its token's price has outperformed over the past few days. It is known that holders and stakers of COTI receive income from the turnover of Djed.
Arman Shirinyan
Alex Dovbnya
Dan Burgin