Cardano's Djed Stablecoin Expands to Ethereum and BNB Chain
In the current turmoil of the stablecoin sector, Djed—Cardano’s native stablecoin—is accelerating its plans to integrate with Ethereum and BNB Chain.
Cardano's Djed Stablecoin Expands to Ethereum and BNB Chain. Image: Djed
In a recent community engagement session, COTI CEO Shahaf Bar Geffen revealed that Djed will soon be available on both Ethereum and BNB Chain.
The CEO explained that COTI had planned to expand Djed beyond Cardano to other blockchains from the start, but recent upheavals in the stablecoin market have expedited this process.
Shahaf Bar-Geffen, COTI's CEO, shares updates about recent events and their impact on Djed, and answers community questions about the gCOTI campaign.
— COTI Foundation (@COTInetwork) March 20, 2023
Watch here: https://t.co/uodVa7PB45$COTI $gCOTI $DJED $SHEN @shahafbg
While major stablecoins like USDC, BUSD, and DAI have struggled to maintain their peg amid recent market turbulence, Djed has remained stable at $1 due to its over-collateralized nature, Bar Geffen stated.
This stability has led to a surge in demand for Djed, with numerous protocols requesting its integration across multiple chains. Bar Geffen added:
“We’ve also received requests from other DeFi ecosystems, beyond Cardano, to bring Djed to Ethereum and BNB Chain.”
Djed is Cardano’s first algorithmic stablecoin, officially launching on the mainnet on January 31, 2023, after over a year of development. Currently, there are 2.3 million Djed in circulation, nearly two months post-launch.
A total of 33.3 million ADA, valued at approximately $12.4 million, is being used as collateral in the DJED/SHEN contract, with a collateralization ratio of 522%.
Circulating Supply and Price of DJED and SHEN. Screenshot from the Djed website at 05:35 PM UTC on March 22, 2023
