Cardano announces the launch date of its first stablecoin, DJED

Cardano announces the launch date of its first stablecoin, DJED

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Answer Cardano announces the launch date of its first stablecoin, DJED

Cardano has previously announced a stablecoin project called “DJED”.

As for when, Cardano announced that DJED stablecoin will be available on the mainnet in January 2023, according to stablecoin issuer COTI.

COTI CEO Shahaf Bar Geffen announced on Monday during the 2022 Cardano Summit, and the announcement was later confirmed through his official Twitter account that this news comes after it was revealed that Vasil’s previous delay, which caused the coin’s debut delay, was revealed. .

Stay tuned for the launch of DJED:

According to the announcement, the launch date has been set for January 2023 as a result of a successful comprehensive review of the collateralized algorithmic stablecoin.

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A payment platform and cryptocurrency payment gateway called Djed Pay has also been introduced by the Cardano Foundation and COTI, enabling companies to accept Djed as a method of payment.

It’s only been two months since COTI last provided the community with an update on DJED’s stablecoin development efforts, which included steps to improve the off-chain code to more effectively accommodate Cardano node release 1.35.x in the private test environment.

Bar Geffen stressed the importance of launching DJED while noting the efforts made to ensure the success of the stablecoin, with the combined efforts of COTI and Input Output Global (IOG) contributing to its creation.

He went on to say:

Recent market events have proven once again that we need a safe haven from volatility, and DJED will serve as a safe haven in the Cardano network.

Not only do we need a stablecoin, we need a currency that is decentralized and has proof of reserve.

New DJED Partnerships:

According to the announcement, among the 40 collaborations already formed, the stablecoin will be integrated with a few private partners and decentralized exchanges (DEXs) when it launches.

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Customers who use the stablecoin and contribute to its liquidity will receive incentives in the form of rewards from DEX that will be linked to Djed.

The COTI team also revealed that the stablecoin will get all the required updates and improvements.

To ensure that customers and partners benefit the most, they will use all of their available workforce to drive benefit towards the stablecoin.

Market reaction to the new Cardano news:

The news did not affect the price of the ADA cryptocurrency much.

However, ADA price maintained its strength staying above $0.30 amid FTX turmoil in the cryptocurrency market.

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