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The agency behind a US dollar-pegged stablecoin constructed on Cardano (ADA) plans for it to be accessible on blockchains like Ethereum (ETH), Binance Good Chain, and extra.
In a brand new video posted to the Djed (DJED) stablecoin Twitter web page, COTI CEO Shahaf Bar-Geffen says DJED will migrate to different blockchains as a result of all decentralized finance (DeFi) ecosystems may use a dependable stablecoin.
Bar-Geffen explains why DJED didn’t lose its peg throughout this month’s market turbulence.
“Final week’s occasions brought on some market turbulence. We’ve seen main stablecoins dropping their peg… DJED didn’t lose its peg. Why is that so? As a result of DJED employs three main properties of stablecoins. DJED is decentralized – it doesn’t depend on fiat or somebody messing with the peg. DJED is overcollateralized – so it may be backed with crypto. And therefore, it’s additionally verifiable – you’ll be able to see the collateral on-chain. Because of this belief stays. Because of this DJED didn’t lose their peg regardless that a lot larger stablecoins misplaced their peg.”
The Coti CEO says different blockchain communities have expressed curiosity in DJED due to the stablecoin’s reliability, however that COTI at all times deliberate to broaden to different chains.
“DJED shall be on different chains, as nicely. Clearly, on Ethereum. And Binance Good Chain, simply to call a number of. It would in all probability be on different good chains, as nicely. As a result of DeFi ecosystems want a stablecoin that’s secure and dependable.”
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Featured Picture: Shutterstock/gg_tsukahara/Mingirov Yuriy
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