Charles Hoskinson Shares Djed Stablecoin Revival Plan With Cardano Community

Cardano founder Charles Hoskinson reassures the Cardano community about revival plans of Djed stablecoin. In a recent statement on the X platform, he revealed that Djed is not only here to stay but will also undergo a significant transformation, breathing new life into this overcollateralized stablecoin. In addition, he also announced “supercharging the team” behind the stablecoin.

Charles Hoskinson’s Clears Doubt Over Djed

In contrast to the previous speculations, Charles Hoskinson confirmed the ongoing existence of the Djed stablecoin project, highlighting its forthcoming evolution. Notably, Djed is a stablecoin created by Input Output Global (IOG) and powered by COTI. It is distinctive for its overcollateralized design, utilizing Cardano’s native ADA token as a reserve.

One of Djed’s key strengths is its fourfold over-collateralization, ensuring that the circulating supply is backed by four times the number of outstanding coins. This approach enhances security and stability for Djed users. However, the project faced challenges when its reserves dropped to over 350%, leading to a temporary halt in the minting of new tokens due to low activity.

Meanwhile, Charles Hoskinson’s announcement has rekindled hope for the Djed project’s future. IOG, the development company behind Cardano, has undertaken strategic changes to bolster Djed’s potential. Notably, on October 24, W. Sean Ford assumed the position of CEO, and David Markley became the COO of a newly established spin-off company dedicated to the stablecoin sector.

Meanwhile, commenting on the new leadership of the project, Shahaf Bar-Geffen, CEO of COTI extended his congratulations to Sean and David, expressing anticipation for their collaborative efforts on Djed’s ecosystem expansion.

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What’s Next?

Hoskinson has expressed his enthusiasm for this new endeavor and highlighted the significance of stablecoins in the blockchain industry. He underscored their role in fulfilling the blockchain industry’s mission and preserving its core values.

Back in January, the layer-one protocol COTI officially introduced DJED as the native stablecoin for the Cardano (ADA) network.

This strategic shift and the leadership changes suggest that Djed’s future may hold significant promise. With Cardano’s founder standing firmly behind the project and a renewed focus on its stability and development, Djed may continue to evolve and play a pivotal role in the growing world of stablecoins.

In the ever-evolving landscape of cryptocurrencies and blockchain technology, Djed’s resurgence could mark a new chapter, reinforcing the importance of stablecoins and their role in the broader blockchain ecosystem.

As of writing, the DJED price dropped by 2.29% over the past 24 hours to $1.01, and its trading volume slumped 17.73% to $0.18 million.

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