Cardano announced that it has partnered with COTI, a Layer 1 protocol, to launch an algorithmic stablecoin.
“Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network. Not only do we need a stablecoin, but we need one that is decentralized, and has on chain proof of reserves,” shared Shahaf Bar-Geffen, the CEO of COTI, on this partnership at the Cardano Summit.
According to a news piece by Cointelegraph, Djed backed by Cardano (ADA) will launch in January 2023 in Japan.
