The trust in algorithm stablecoins has dropped ever since the May collapse of TerraUSD and its entire ecosystem, however, this event has failed to stop crypto firms from launching new stablecoins.
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Cardano Officially Launch Stablecoin Djed
Cardano stablecoin Djed is now officially available on mainnet, as per January 31 announcement.
The newly launched stablecoin is tied to US dollars and backed by Cardano native token ADA. Its reserve token is however called SHEN token.
The stablecoin was unveiled following the successful completion of a security audit which has been under development for more than a year.
The ADA-backed stablecoin is a product of a decentralized financial solutions developer on the Cardano blockchain called COTI.
The stablecoin launch is one of the latest updates from the Cardano network, other updates include the January 12 announcement by the Cardano blockchain cofounder Charles Hoskinson who noted that the ecosystem will expand through custom-built sidechains.
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