Cardano exchanges MuesliSwap and MinSwap have announced their support for the upcoming Djed stablecoin.
has been developed by crypto firm Coti, in collaboration with Cardano's lead developer Input Output. It is designed to be the first crypto-backed stablecoin in the Cardano ecosystem, and has been in development for over a year.
Once launched, Cardano users will be able to take ADA, the native cryptocurrency of the Cardano network, and use it as collateral to mint Djed. The stablecoin will be overcollateralized, meaning that it is backed by excess collateral in the form of cryptocurrency held in a reserve. This is a similar design used by, the most popular decentralized stablecoin in the Ethereum ecosystem. Each Djed will require more than 400% in collateral value to be minted.
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