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Cardano’s Djed Stablecoin Locks US$10 Mln in Reserves on Its First Day

Djed, a Cardano-based algorithmic stablecoin, has collected over US$10 million in its reserves in the first 24 hours since it was launched on Tuesday.

Djed is an overcollateralized stablecoin that is pegged to the U.S. dollar. It is backed by ADA, the native cryptocurrency of the Cardano blockchain. Djed had a circulating supply of over than 1.736 million tokens backed by more than 27 million ADA (about US$10 million) in its reserves, giving it a 591% reserve ratio at 9 p.m. in Hong Kong, according to the stablecoin’s website. 

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