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Cardano enabling new DeFi stablecoin with Coti

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

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A new stablecoin is arriving on the Cardano blockchain to provide a tool for decentralized finance 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 Sept. 26 at the Cardano Summit.

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

According to Hoskinson, the Djed stablecoin could be a game-changer in the crypto industry as it appeals to an “entirely new audience at a time when the industry is already experiencing astronomical growth.” 

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