Cardano's decentralized stablecoin Djed goes live on mainnet

Quick Take

  • The Djed stablecoin was released on the Cardano blockchain after over a year in development.
  • Djed’s value is designed to remain close to the U.S. dollar and is backed by a surplus of Cardano’s native cryptocurrency ADA.

Djed, a decentralized stablecoin designed to track the U.S. dollar, launched on the Cardano blockchain after being in development for over a year. Djed was developed by blockchain firm Coti in collaboration with Cardano's core developer Input Output.

Djed aims to be used on DeFi protocols in the Cardano ecosystem as a stable alternative to volatile cryptocurrencies.

Each stablecoin will be over-collateralized by 400-800% with Cardano’s native asset ADA — while using SHEN as a reserve coin. This over-collateralization makes it similar to the dai stablecoin in the Ethereum ecosystem, but it has a minting and burning mechanism like other algorithmic stablecoins.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Djed is expected to be integrated into 40 apps within the Cardano ecosystem. It already received support from decentralized exchanges MinSwap, Wingriders and MuesliSwap. In November, the Coti team told The Block it had plans to launch DjedPay, a service that will let merchants and other crypto players accept payments in the stablecoin.

© 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 Author

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]


To contact the editor of this story:
Tim Copeland at
[email protected]