- Cardano’s Djed stablecoin surpasses 4.24 million coins in circulation, backed by a reserve ratio of 400%.
- Djed’s minting coincides with increased trading volume and growth in COTI quotations.
Cardano’s Djed stablecoin has achieved a significant milestone, with over 4.24 million coins in circulation, as reported on its official website. Developed by IOG and powered by COTI, Djed is an overcollateralized stablecoin backed by Cardano’s native blockchain token, ADA, and uses SHEN as a reserve coin.
The stablecoin’s reserve ratio of 400% means that its current circulating supply is backed by four times the amount of its outstanding coins, providing an extra layer of security and making it a more stable and reliable option for users. Djed’s current circulating supply is backed by 16.89 million Djed, equivalent to 38.7 million ADA.
Interestingly, the unprecedented minting of Djed coincided with two other noteworthy events. Djed trading volume increased by more than 38% in the last 24 hours, according to CoinMarketCap data, while increased volumes in stablecoin trading were also observed earlier this month.
Another significant event was the growth of COTI quotations by more than 30% over the last eight days. COTI is the native token of the company that emits Djed, and its token’s price has outperformed over the past few days. Holders and stakers of COTI receive income from the turnover of Djed, which has increased significantly in recent days.
Djed stablecoin’s unique reserve ratio boosts confidence among users
Djed’s achievement comes as Cardano marks yet another historic milestone, with the non-custodial wrapped BTC mints on its network. The development paves the way for more interoperability between blockchain networks and creates more use cases for Bitcoin on Cardano’s blockchain.
Overall, Djed’s growing circulation highlights the growing demand for stablecoins, which provide a stable store of value for users looking to hedge against market volatility. With the backing of Cardano’s native token, ADA, and the added security provided by its reserve ratio, Djed is poised to be a reliable and trusted stablecoin option for users looking to enter the crypto market.