The much-anticipated Cardano algorithmic stablecoin DJED has finally launched on mainnet.  

COTI, a DAG-based Layer-1 protocol and official issuer of the stablecoin, took to Twitter to announce DJED launch on mainnet, saying: 

According to an announcement, COTI said the launch of Djed stablecoin on the Cardano mainnet follows a year of preparation, development, and security audit. 

According to COTI, the launch of Djed on the Cardano mainnet “heralds” a new era for stablecoins. Djed is overcollateralized by 400% – 800%, with a unique proof of reserve set up to protect its value from different market scenarios. 

Notably, the stablecoin is pegged to the U.S. dollars (USD), backed by ADA as a base coin, while using SHEN as its reserve coin. If the reserve ratio falls below 400%, the protocol will halt the burning of SHEN and the minting of new DJED.