Djed, Cardano’s stable coin, has gained ground in recent weeks. It has set an all-time high in circulation by reaching 4.24 million coins minted, according to Gamza Khanzadaev in U Today.
Developed by IOG and powered by COTI, Djed is an overcollateralized stable coin backed by Cardano’s native blockchain token, ADA, and uses SHEN as a reserve currency.
One of the most notable aspects of Djed is its 400% reserve ratio, meaning that its current circulating supply is backed by four times the amount of its circulating coins. This provides an additional layer of security to Djed, making it a more stable and reliable option for users. Thus, Djed’s current circulating supply is backed by 16.89 million Djed, which is equivalent to 38.7 million ADA.
Djed and COTI
Interestingly, the unprecedented minting of Djed coincided with two other attention-grabbing events.
For one, according to CoinMarketCap data, Djed’s trading volume increased by more than 38% in the last 24 hours. Earlier this month also saw higher volumes in stablecoin trading.
Another interesting development was the growth of COTI quotes by more than 30% in the last eight days. COTI is a native token of the company of the same name that issues Djed, and the price of its token has outperformed in recent days. COTI holders and shareholders are known to receive revenue from Djed’s turnover.
Cardano was trading at 0.4359 cents at Tuesday’s open with a bullish gap and the 70-period and 200-period moving averages holding below the price.