Cardano-based decentralized stablecoin Djed will hit mainnet in January

Quick Take

  • The Djed stablecoin will release on the Cardano network in January.
  • Djed will be integrated into 40 apps in the Cardano ecosystem.

Djed, Cardano's first decentralized stablecoin, will go live on the main network in January.

Developers announced the move at the Cardano Summit event in Lausanne, Switzerland. Djed is a decentralized stablecoin soft-pegged to the U.S. dollar that will exist on Cardano’s Layer 1 blockchain.

Backed with crypto assets instead of fiat money, Djed has been developed by a firm called Coti in collaboration with Cardano lead developer Input Output. 

The stablecoin has been in development for more than a year. Once launched, Cardano users will be able to take ADA — the native cryptocurrency of the Cardano network — and use it as collateral to mint the stablecoin. 


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The stablecoin is designed to be overcollateralized, meaning that it is backed by excess collateral in the form of cryptocurrency held in a reserve. This is a similar design used by dai, the most popular decentralized stablecoin in the Ethereum ecosystem. Each Djed will require more than 400% in collateral value to be minted. 

"Djed takes what's great with crypto as collateral, meaning no fiat in the system, but also takes over-collaterization very seriously," Coti CEO Shahaf Bar-Geffen told The Block. 

At its launch, Djed will be integrated into 40 apps in the Cardano ecosystem, Bar-Geffen said. The launch will also come with the introduction of DjedPay, a service that will let merchants and other crypto players accept Djed payments. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]
Inbar is a reporter covering crypto policy and regulation with a focus on Europe. Before The Block, she worked with several publications in Brussels including The Parliament Magazine and Are We Europe. Inbar holds a bachelor's degree in international relations from University College Utrecht and a master's degree in international politics from KU Leuven.


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