The Cardano blockchain will welcome a new decentralized finance stablecoin touted to avoid transaction fees, CoinTelegraph reported.
- Cardano’s payment gateway provider Coti will issue a new stablecoin Djed, with a design using smart contracts in a bid to ensure price stability and provide instruments for decentralized finance transactions.
- The new stablecoin will run on the Cardano network, which is said to avoid “volatile and exorbitant gas fees” and ensure that transaction costs become more predictable.
- The stablecoin protocol will act as an autonomous bank that trades stablecoins for a price in a range pegged at a target price and will operate by maintaining a reserve of base coins. In contrast, other stable assets and reserve coins are minted and burned.
Coti earlier teamed up with Cardano’s Ardana to launch decentralized stablecoin payments to AdaPay. ADA is down 2.46%, BTC is up 0.72%, and ETH is up 2.55%.