Cardano will have its first decentralized stablecoin in January, according to details emerging from the Cardano Summit.
Djed will be integrated into 40 apps in the Cardano ecosystem.Developers announced the move at the Cardano Summit event in Lausanne, Switzerland.
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 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.
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