Cardano to enable new DeFi stablecoin with Coti

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A new stablecoin is arriving on the Cardano blockchain to provide a tool for decentralized finance (DeFi) operations and avoid transaction fees.

 

Cardano’s payment gateway provider, Coti, will be the official issuer of Djed, a new DeFi-focused stablecoin for the Cardano network, Cardano founder Charles Hoskinson and Coti CEO Shahaf Bar-Geffen announced Sunday at the Cardano Summit.

 

The new stablecoin will be based on an algorithmic design using smart contracts to ensure price stability and providing an instrument for DeFi transactions. The stablecoin is designed for paying transaction fees on the Cardano network in order to avoid “volatile and exorbitant gas fees” and make transaction costs “more predictable.”

 

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