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March 21, 2023

Cardano (ADA)-Based Stablecoin To Migrate to Ethereum (ETH), Binance Smart Chain and More, Says COTI CEO

By Daily Hodl Staff

The firm behind a US dollar-pegged stablecoin built on Cardano (ADA) plans for it to be available on blockchains like Ethereum (ETH), Binance Smart Chain, and more.

In a new video posted to the Djed (DJED) stablecoin Twitter page, COTI CEO Shahaf Bar-Geffen says DJED will migrate to other blockchains because all decentralized finance (DeFi) ecosystems could use a reliable stablecoin.

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Bar-Geffen explains why DJED didn’t lose its peg during this month’s market turbulence.

“Last week’s events caused some market turbulence. We’ve seen major stablecoins losing their peg… DJED did not lose its peg. Why is that so? Because DJED employs three major properties of stablecoins. DJED is decentralized – it does not rely on fiat or someone messing with the peg. DJED is overcollateralized – so it can be backed with crypto. And hence, it’s also verifiable – you can see the collateral on-chain. This is why trust remains. This is why DJED did not lose their peg even though much bigger stablecoins lost their peg.”

The Coti CEO says other blockchain communities have expressed interest in DJED because of the stablecoin’s reliability, but that COTI always planned to expand to other chains.

“DJED will be on other chains, as well. Obviously, on Ethereum. And Binance Smart Chain, just to name a few. It will probably be on other smart chains, as well. Because DeFi ecosystems need a stablecoin that is stable and reliable.”

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Featured Image: Shutterstock/gg_tsukahara/Mingirov Yuriy