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Cardano to Host its First Stablecoin
As per Charles Hoskinson, leader of Cardano, and Shahaf Bar-Geffen, CEO of COTI group, Cardano will receive its first-ever stablecoin from COTI. The stablecoin goes by the name Djed. The duo relayed this message at the Cardano Summit stage in Laramie, Wyoming, on Sunday.
Shahaf said that Djed has an algorithmic design that will use Cardano’s Smart contract to ensure its price stability. The Smart contracts Programming will also ensure that Djed has efficient transaction functionality.
The software developing company plans to release this coin to Cardano’s blockchain that has now started supporting Smart contracts. The crypto market expects these Smart contracts to harbor DeFi projects that are now the ‘perfect ETH killers.’
A Closer Look into COTI’s New Creation and Cardano
Shahaf also said that Djed maintains a reserve of some coins. Meanwhile, it will still allow the minting and burning of more recent crypto assets. He also noted that Djed aims at facilitating gas fees on the Cardano network. One of the main benefits of this functionality is increasing the predictability of Djed’s prices to avoid exorbitant transaction fees.
The COTI software developers team is confident that Stablecoins are a ‘killer app’ that will undergo adoption by many crypto users to cover payments and gas fees. COTI was the first organization to receive the equity investment, cFund, from Cardano in July of 2021.
According to IO Global Chief Executive Charles Hoskinson, the Djed stablecoin could be a game-changer in the crypto world. He added that the stablecoin would appeal to an entirely new audience as the crypto industry is experiencing astronomical growth. Charles also said that Djed shares Cardano’s commitment to formal verification. This feature provides robust combating price volatility in the crypto market.
The Future of Stablecoins
Stablecoins have undergone massive growth in recent times. This growth is because they are some of the latest crypto projects to take the markets by force. As per Shahaf Bar-Geffen, the Stablecoins ecosystem has experienced tremendous growth over the last few years. Blockchain participants also use stablecoins for payment since their transactions are flawless regardless of the distances involved.
Due to the ‘seamless’ developments of Stablecoins in the crypto space, many countries have responded to their adoption. On the 19th of July 2021, Reuters reported that U.S. treasury secretary Janet Yellen told regulators that the U.S. government should move quickly to regulate Stablecoins.
On the 17th of Sep 2021, CNBC said that an interview with Mark Cuban made them believe that Stablecoins will be the first crypto asset to be regulated. That is because their stability is a threat to the stability of Fiat currency.