COTI project announced launch of the Djed stablecoin on the Cardano network

The COTI Network platform within the Cardano ecosystem is set to launch algorithmic stablecoin Djed in early February.

We are pleased to share another update about Djed’s progress and to inform you that the launch is scheduled for next week!

Read more: https://t.co/7kPjfGMNmk$DJED $COTI @InputOutputHK @Cardano pic.twitter.com/mHA5KVblay

— COTI (@COTInetwork) January 24, 2023

According to the team’s statement, the listing of the asset and its balancing token Shen was confirmed by the cryptocurrency exchange Bitrue. The project’s partner — the DEX WingRiders — also hinted at support for the coin.

Today our Spokesperson Kaaran talked with @cwpaulm about #StableSwaps and #Stablecoins on Cardano. Feel free to watch, like & comment using the link below.

Thanks, P₳ul, for the discussion. https://t.co/7la2jxoXvg

— WingRiders (@wingriderscom) January 24, 2023

Minswap, one of the leading decentralized exchanges on Cardano, announced the launch of two pools with coins paired against the network’s native token ADA.

$ADA/ $DJED & $ADA/ $SHEN
🗓️ Coming Next Week on The Minswap DEX 👀 pic.twitter.com/qnD6ZA9yCf

— Minswap Labs (@MinswapDEX) January 24, 2023

In September 2021, Cardano founder Charles Hoskinson and Ken Kodama, head of the project’s venture arm, announced that the official issuer of Djed would be COTI Network.

The stablecoin is positioned as an overcollateralised asset, backed by reserves at a 1:8 ratio in ADA.

called algorithmic stablecoins ‘the gold standard of the digital age’.

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