The stablecoin Djed, developed by Cardano, recently reached a historic milestone, with more than 4.24 million coins in circulation, according to information released on the project’s official website.
Djed, created by Input Output Global (IOG) and powered by COTI, is a stablecoin backed by Cardano blockchain’s native token, ADA. In addition, it uses the SHEN token as a reserve currency.
One of the most notable aspects of Djed is its 400% booking rate. This means that the current circulating supply is backed by four times the value of coins in circulation. In practice, this ample ballast provides an extra layer of security, making the Djed a more stable and reliable option for users.
Thus, the current circulating supply of Djed is secured by 16.89 million Djed, equivalent to 38.7 million ADA.
The Djed minting record came at a high point for the stablecoin. After all, according to data from CoinMarketCap, Djed’s trading volume increased by more than 38% in the last 24 hours. This growth in trading volume was also observed earlier this month.
Growing Cardano Ecosystem
Cardano is one of the world’s leading blockchains. The platform seeks to take a scientific and rigorous approach to developing scalable and sustainable solutions. Stablecoin Djed is one of several projects looking to harness the potential of the Cardano network, bringing innovation and reliability to the decentralized financial sector.
According to Cardano, the partnership with COTI, a financial infrastructure platform designed to help organizations create efficient and frictionless payment solutions, reinforces its commitment to offer a diverse range of quality, decentralized financial products to its users.
Djed’s success reflects the growing demand for stablecoins in the cryptocurrency market, especially those that offer greater security and stability.