The first decentralized stablecoin of the Cardano ecosystem, Djed, is expected to launch next week

ChainCatcher news, the decentralized stablecoin Djed based on Cardano is expected to launch next week.

It is reported that the stablecoin is co-developed by Cardano code maintainer IOG and Layer 1 blockchain Coti. Djed will require over 400% collateral value before issuance, and this over-collateralization mechanism will help maintain Djed's value during market turbulence and prevent a repeat of the TerraUSD incident. Djed will go live on over 40 Cardano-based dApps. Additionally, developers are simultaneously working on DjedPay, a payment product using Djed that allows users to transfer tokens to merchants and businesses. (Source link)