During the ongoing Cardano Summit 2021, Cardano ($ ADA) announces a new stablecoin issuer. Accordingly, founder Charles Hoskinson announced that COTI will be the official stablecoin issuer on the Cardano blockchain that will issue Djed stablecoins.

Cardano ($ ADA) announces stablecoin issuer Djed

The Cardano blockchain ($ ADA) is rapidly moving towards building its own decentralized ecosystem after successfully integrating smart contracts via the Alonzo hard fork. Cardano ($ ADA) announced a new stablecoin issuer. Accordingly, founder Charles Hoskinson announced that COTI will be the official stablecoin issuer on the Cardano blockchain that will issue Djed stablecoins.

Among the most anticipated news from the Cardano Summit 2021, which will be held partly online and partly in person, is more details on the upcoming Cardano-based stablecoin Djed.

After some important partnership announcements, further details on an upcoming stablecoin and a new “store” for decentralized applications (dapps), the Cardano (ADA) community concluded the summit. Cardano 2021 Peak on Sunday.

Hoskinson believes that Djed’s new stablecoin could be a game changer for stablecoins, especially at a time when demand is highest and regulatory scrutiny is highest. Hoskinson said

“Djed Co-Stable could be a game changer in the crypto space and attract a whole new audience at a time when the industry is booming. Djed shares our commitment to formal verification and is proving to be a powerful method of combating price volatility in the cryptocurrency market. COTI has been a long-time partner of the Cardano ecosystem, it’s great that you are involved in this new project. “

What is Stabelcoin Djed?

The Djed Stablecoins use a DAG based infrastructure and protocol which is a private, affordable, scalable, integrative, fast and financially optimized protocol. The protocol uses smart contracts to maintain a stable minimum price with a stable reserve. It enables merchants to mint and burn stablecoins to maintain a stable price for the token and use transaction fees to conduct network operations.

Shahaf Bar-Geffen, CEO of the COTI Group, believes that using the DAG protocol can help them create a new stablecoin on Cardano, which because of its decentralized open source nature, breadth and security in the current market will crank. He explained,

“The stablecoin ecosystem has matured significantly in recent years. Blockchain participants use stablecoins to participate in daily transactions as they enable a seamless exchange of currency values ​​regardless of the location of the sender and recipient. I believe that adding the Djed-based stablecoin to the Cardano blockchain will greatly improve the way transactions are handled on the platform. “

According to the COTI website, the company has made stablecoin issues available to other companies in a so-called “stable coin factory”. However, the partnership with Cardano, which is considered the third most valuable cryptocurrency, will be COTI’s most popular stablecoin project to date.

The announcement of a new certification and management system for all Dapps developed on Cardano, called Plutus dAppStore, was of interest to the Cardano community during the event.

The new type of app store was first introduced a few days before the official launch of Input Output, with the company saying the “store” would provide “a democratic and trustworthy environment for developers”.

Finally, during the event, Cardano’s trading and risk group Emurgo announced it was investing $ 100 million to “accelerate the growth of the Cardano ecosystem”.

The funds will be used to fund projects related to decentralized finance (DeFi), non-fungible tokens (NFT) and blockchain education with a focus on Cardano, said Ken Kodama of CEO Emurgo.

$ ADA has held its price above $ 2.20 and is expected to break the $ 2.30 mark as the crypto market rebounds from China’s FUD crypto ban. The third largest altcoin broke a new ATH of $ 3.10 at the start of the major Alonzo upgrade, but since then, the September bear market has kept the price in check.

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