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Ronald Maguire

08 May 2022 220 Read Crypto , Altcoins

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Cardano Blockchain's First Stablecoin Released on Testnet

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.

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