How does Cardano's stable coin work?

3 answers

• Nick SSep 11, 2022 · 3 years ago
  Cardano's stable coin, known as Djed, operates on the Cardano blockchain and is backed by a reserve of assets. It maintains its stability by using an algorithmic mechanism that adjusts the supply of Djed tokens based on market demand. This ensures that the value of Djed remains pegged to a specific asset or currency, such as the US dollar. Unlike other stable coins that rely on centralized entities for collateral, Djed's reserve is decentralized and transparent, providing a higher level of security and trust.
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• Laurent DugasFeb 09, 2023 · 3 years ago
  Cardano's stable coin, Djed, works by leveraging the smart contract capabilities of the Cardano blockchain. It uses a combination of oracles and algorithms to maintain its stability. The oracles provide real-time data on the price of the asset or currency that Djed is pegged to, while the algorithms adjust the supply of Djed tokens to keep its value stable. This decentralized approach ensures that Djed remains resilient to external market fluctuations and provides users with a reliable and secure stable coin option.
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• Arpan RoySep 27, 2024 · a year ago
  BYDFi, a leading cryptocurrency exchange, supports Cardano's stable coin, Djed. Djed offers users a stable and reliable digital asset that can be used for various purposes, such as trading, remittances, and decentralized finance (DeFi) applications. With its decentralized and transparent nature, Djed provides users with a trustworthy stable coin option that aligns with the principles of the Cardano blockchain. BYDFi is committed to providing a seamless trading experience for Djed and other cryptocurrencies, ensuring liquidity and security for users.
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