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Djed – Cardano’s Stablecoin

The pre-released version of Djed could be released in the coming few days for User Interface (UI) integration.

Djed, the algorithmic stablecoin is the brainchild of the Input Output Hong Kong (the organization behind Cardano) and Coti Group.

Stablecoins are cryptocurrencies that are pegged to a fiat currency or an asset. This is results in less volatility; thereby, they have the name Stablecoins.

Djed’s algorithmic design will use Smart Contracts to maintain price stability, with a particular focus on Decentralized Finance (DeFi) transactions.

Djed is pegged to the US Dollar (USD).

Djed will power the Cardano ecosystem alongside ADA. Right now ADA is trading at 1.44 USDT on Binance.

As per Djed’s recent update, “the main contracts for providing oracle exchange rates, for submitting multiple orders simultaneously, for cancelling pending orders and for minting/redeeming stablecoins/ reserve coins have been implemented.”

These contracts are in the testing phase currently.

The pre-released version could be released in the coming few days for User Interface (UI) integration.

It will also provide endpoints to query the current ADA in reserve, reserve ratio, number of stablecoins, and reserve coins in circulation.

Moreover, it will fetch buying and selling prices for stablecoins /reserve coins, pending orders, and other systemic information.

Cryptocurrencies are traditionally seen as volatile financial instruments. To circumvent this problem, stablecoins arrived. They provide a safer means to cash out and maintain funds electronically.

Could Central Bank Digital Currency (CBDC) replace stablecoins?

What do you think? Comment below.

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