Charles Hoskinson, chief executive of IOG and founder of Cardano, has taken to Twitter to share an update from COTI whose devs are building Djed stablecoin together with IOG on Cardano.
Glad to see Coti making great progress with Djed https://t.co/0LefQmCe0y— Charles Hoskinson (@IOHK_Charles) December 24, 2021
The article released by the dev team in their blog has unveiled details on the present implementation of Cardano’s Plutus for Djed. They are working on main contracts that will help provide oracle exchange rates, will enable users to submit multiple orders at the same time, cancel pending orders, etc. The developers are currently testing this implementation.
According to the article, a pre-released version will be delivered over the next several days for UI integration.
Djed is a stablecoin that will utilize smart contracts to maintain a base coin reserve in an autonomous bank that will also operate using smart contracts. This will allow users to trade stablecoins and use them for DeFi-based transactions.
Djed will be first pegged to the USD but it will be compatible with other traditional currencies as well. IOG promotes Djed as the first stablecoin that is “formally verified”.