Stablecoins are becoming more and more essential in the DeFi sector lately. These coins would be anchored to fiat money or a more stable asset like gold to give them more stability in the market. Stablecoins offer investors a stable refuge to protect the value of their money when volatility hits the market. As these coins gain significance in the market, the blockchains are moving towards creating the network’s very own stablecoins.
Cardax, a decentralized exchange built on the Cardano blockchain, is making a move towards stablecoins now. According to the report released recently, the Djed stablecoin is all set to receive support from Cardax. The announcement about this strategic partnership comes just before the launch of Djed. Cardax is planning to provide a comprehensive list of currency pairs for this new stablecoin. They will also be extended to Shen, the Reserve Coin.
COTI or the Currency of The Internet is a solution for efficient global commerce for DeFi. This protocol was designed not just to be used in the DeFi sector but also to enhance payments to merchants, governments, and others as well. Djed is the new stablecoin project undertaken by the COTI network. This new stablecoin is expected to carry several technical advantages from COTI’s algorithm that might set it apart from the current stablecoins. As per the new reports, the coin is all set for a launch after rigorously tests on the coin’s oracle solution, minting, reserving coins, and the UI.
Surprisingly, the coin has landed a partnership with Cardax, a native decentralized exchange on Cardano. This new integration will offer support and exposure to this new stablecoin from COTI. However, this deal is expected to be mutually beneficial as well. This stablecoin is expected to open new avenues and bring business opportunities to Cardano. Djed will help Cardano users access the services of stablecoins easily and efficiently. As the operations are confined to the ecosystem, Djed will reduce the security and censorship issues to a significant degree. Moreover, the algorithm of Djed will add another layer to the security of transactions. Shen, the reserve coin of Djed, would also add a new dimension to Cardano’s utilitarian features.
Yair Testa from Business Development at COTI considers this integration to be a necessary step to make its tokens accessible following its launch. Ryan Morrison from Cardax thinks that Djed covers an essential part of the ecosystem’s operation. While Djed finds the needed liquidity on Cardano, the users will be able to access the services of this stablecoin natively. This move may prove essential in Cardano’s journey to become the preferred DeFi payment option, too. As COTI is already developing a universal payment environment, it is expected to greatly complement the intentions of the Cardano chain.