Charles Hoskinson, IOG’s chief executive and founder of Cardano, took to Twitter to share an update from COTI, where developers are building Djed Stablecoin alongside IOG on Cardano.
Articles published by the developer team on their blog. The company has revealed details about Cardano’s current implementation of Plutus for Djed. They are working on core contracts that will complement oracle’s exchange rate and will allow users to execute multiple orders at once. including canceling pending orders, etc.
Djed is a stablecoin that will use smart contracts to maintain base coin reserves in an independent bank which will operate using smart contracts to allow users to trade stablecoins and use them for transactions in DEFI.
Djed will be tied to USD first, but will be compatible with other traditional currencies as well, with IOG promoting Djed as the first “officially verified” stablecoin.
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