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Breaking: COTI Will Issue Djed Stablecoin on Cardano

COTI Will Issue Djed Stablecoin on Cardano News
  • Cardano founder declared that COTI will be the official issuer of its new stablecoin.
  • Charles Hoskinson said this during the Cardano Summit.
  • It is said that the Djed stablecoin leverages smart contracts to ensure price stability.

The founder of Cardano (ADA), Charles Hoskinson, revealed in the Cardano Summit that COTI will be the official issuer of its new stablecoin based on the Djed stablecoin protocol.

Presently, Cardano is one of the world’s largest blockchain platforms. For the fast-growing Cardano ecosystem, the new stablecoin is a timely venture. In detail, the Djed stablecoin protocol leverages smart contracts to ensure price stability. What’s more, its smart contract programming mechanism also guarantees that the stablecoin will work effectively for decentralized finance (DeFi) transactions.

On the other hand, COTI is an all-encompassing “finance on the blockchain” ecosystem. It is designed to meet the needs of both centralized and decentralized finance. COTI assures this by “giving a new type of DAG-based base protocol and an infrastructure that is scalable, fast, private, inclusive, and low-cost, and optimized for finance.”

CEO at COTI Group, Shahaf Bar-Geffen, stated:

The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.

Furthermore, the Djed operates by maintaining a reserve of base coins. More so, it also lets users mint and burn both stablecoins and reserve coins. According to its creators, there are ongoing discussions regarding the implementation of Djed on Cardano — providing stablecoins in which Cardano’s network usage (transaction) fees could be paid through the “Babel fees”.

Finally, Charles Hoskinson, who’s also the CEO of IOHK — the driving force behind the Cardano platform, mentioned that: “The Djed stablecoin could be a game changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a robust method of combating the price volatility of crypto markets. COTI has been a long time partner of the Cardano ecosystem, it’s great to have them on board with this new venture.”

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Cho Amisola is a passionate writer for both creative writing and digital publishing. She’s been featured and published in both areas and is now focusing on blockchain news.