Coti has collaborated with the stablecoin Ardana hub of Cardano in order to provide AdaPay decentralized stablecoin payments.
Payment gateway provider Cardano Coti has announced on the Cardano Summit Sunday that it is officially issuer of Djed, a new stablecoin for the DeFi-focused cardano network, founding member Charles Hoskinson and Chief Executive Officer Coti Shahaf Bar-Geffen.
The new stablecoin will be built on a smart contract algorithm design to guarantee price stability and to provide a tool for DeFi transactions.
In order to prevent “volatile and excessive gas charges” and make transaction prices “predictable,” the stablecoin is created for paying transaction fees on the Cardano network.
The stablecoin protocol will operate, according to the Djed research paper published in August, like a ‘self-employed bank which buys and sells stablecoins for a price range that is tied to the goal price.’ The stabilcoin operates by keeping a reserve of basic currencies and storing and combustion of other stable assets and reserve money.
Hoskinson says that the Djed stable coin may be a game changer in the crypto-branch since this appeals to “a whole new public at a time when exponential growth is already in progress in the sector.”
The development comes shortly after Coti collaborated with the stablecoin hub of Cardano, Ardana, to provide AdaPay, a payment gateway to support over 30 fiat currencies, decentralized stablecoin payments.