Cardano is close to launching its own stablecoin

The Cardano crypto project puts it among the priorities to enhance the opportunities of its blockchain to compete with top digital assets – i.e. Bitcoin and Ethereum. COTI announced the company is close to issuing a stablecoin based on the Cardano blockchain. Such news was primarily revealed by the Cardano CEO, Charles Hoskinson.

The upcoming stablecoin is named Djed, and its value will be pegged to $1. Furthermore, the project’s White Paper says the two versions of the stablecoin are going to appear: an exchange medium and a version with more extended functionality. The main goal of the stablecoin lies in providing users with an opportunity to get the fullest control over their crypto funds.

As for the Cardano ecosystem, such news is drastically a huge event, as the project is on the threshold of massive updates. The implementation of smart-contracts, the announcement of the Hydra L2 system – Cardano follows Ethereum to become among the fastest-growing crypto projects that adjust to up-to-date community needs.

On September 2, 2021, ADA, Cardano’s coin, reached its all-time high price at $3.10. Since the beginning of 2021, the growth is 1311%, and experts predict further highs for this coin.

Charles Hoskinson highlights the global objectives of Cardano’s project in his Twitter account: “Cardano is an open platform that seeks to provide economic identity to the billions who lack it by providing decentralized applications to manage identity, value, and governance.”