Cardano's developers announced at the Cardano Summit event in Lausanne, Switzerland that its first decentralized stablecoin Djed will go live on the mainnet in January.
It is reported that Djed has been developed by a firm called Coti in collaboration with Cardano lead developer Input Output. The stablecoin has been in development for more than a year. Once launched, Cardano users will be able to use Cardano's native token $ADA as collateral to mint the stablecoin. The stablecoin is designed to be overcollateralized. Each Djed will require more than 400% in collateral value to be minted.
In addition, Djed will be integrated into 40 apps in the Cardano ecosystem at its launch. The launch will also come with the introduction of DjedPay, a service that will let merchants and other crypto players accept Djed payments.