Cardano’s Djed stablecoin is making waves as it reaches an impressive milestone in circulation, with more than 4.24 million coins minted, as reported on its official website. The Djed stablecoin was created by IOG, in partnership with COTI, and is unique in that it’s backed by Cardano’s native blockchain token, ADA, and uses SHEN as a reserve coin.
The achievement is a testament to the innovative technology behind Djed and its potential to revolutionize the way we think about stablecoins.
The milestone of Cardano’s Djed stablecoin reaching an all-time high in circulation can potentially have a significant impact on the cryptocurrency market. It indicates that there is growing adoption and demand for Cardano’s ecosystem and stablecoin, which could further boost its value and attract more investors. Additionally, the over-collateralization and use of a reserve coin could increase confidence in the stability and reliability of Djed, making it an attractive option for those looking for a more stable investment.
Perhaps nobody can deny that the milestone in question could be a positive sign for the future of Cardano and the broader cryptocurrency market.
Stablecoins went a long road
Stablecoins are relatively old as a concept. They were first introduced back in the early 2010s. They gained mainstream popularity in 2018, as the cryptocurrency world was pretty much unaware of the existence of stablecoins until that year.
The year 2014 marked the launch of the first stablecoin, which was known as Tether (USDT). It has become the most widely used stablecoin in the market.
Perhaps not many people know that stablecoins also offer the same benefits as cryptocurrencies: cheap and fast transactions, and while even mitigating the volatility risks that are associated with Bitcoin and other usual cryptocurrencies.
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