<a href="https://www.cryptoknowmics.com/news/tuition-coin-announces-teach-to-earn-on-cardano">Cardano</a>, a proof-of-stake blockchain platform, and COTI, a Layer 1 protocol based on DAG, have joined forces to <a href="https://twitter.com/DjedStablecoin/status/1594804397615509506?" target="_blank" rel="nofollow noopener">introduce</a> a new algorithmic stablecoin "Djed". The <a href="https://www.cryptoknowmics.com/news/cardano-based-regulated-stablecoin-usda-will-hit-market-in-2023">stablecoin</a> would be supported by extra security in the related vein held in a reserve, according to a statement from the project.

https://twitter.com/DjedStablecoin/status/1594804397615509506?
<h2>Djed - New Algorithmic Stablecoin in 2023</h2>
Djed is slated to launch on the mainnet in January 2023, according to the press statement, subject to the completion of a successful inspection and other severe stress tests. The creators claim that Djed will be supported by Cardano ($ADA), tied to the US Dollar, and employ the $SHEN <a href="https://www.cryptoknowmics.com/news/the-bank-of-spain-issues-cryptocurrency-license-to-bitstamp">cryptocurrency</a> as its reserve token.

With the help of a few specially selected collaborators and <a href="https://www.cryptoknowmics.com/news/primex-finance-deploys-its-beta-on-zksync-testnet-to-enable-margin-trading-on-dexs">Decentralized Exchanges (DEXs)</a>, the algorithmic stablecoin will be incorporated. DEXs will pay users for utilizing Djed to provide liquidity. The developers intend to take a cautious and conservative approach to supply $ADA liquidity to the Djed smart contract to expand at a pace that is healthy and sustainable.
<h2>New Stablecoin Act As Safest Place</h2>
The COTI CEO, Shahaf Bar-Geffen, revealed during the Cardano Summit's formal announcement that recent market occurrences have demonstrated again that the company requires a safe harbor from instability, and Djed will act as this safe place on the Cardano network. In addition to having a stablecoin, they also need one with on-chain proof of reserves and decentralization.

Cardano to Introduce New Algorithmic Stablecoin “Djed” in 2023

Cardano, a proof-of-stake blockchain platform, and COTI, a Layer 1 protocol based on DAG, have partnered to introduce a new algorithmic stablecoin "Djed".

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Cardano to Introduce New Algorithmic Stablecoin “Djed” in 2023

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