Cardano is collaborating with blockchain payment platform COTI to launch a new algorithmic stablecoin. COTI has announced that Djed, the first stablecoin built on the Cardano smart contract platform, has gone live on its public testnet. Djed, whose test version has been released after months of work with the Cardano team, will maintain price stability through reserve token and collateral combinations.
Shen, Djed's Reserve Currency
Shen will guarantee the stability of Djed's price and the collateral rate. Djed and Shen are expected to be processed on the mainnet after the protocol updates.