Djed is the first over-collateralized ADA-backed stablecoin contract that is developed on the Cardano network. At present, Djed has 28 Million ADA tokens as reserve backing and a reserve ratio of 620%.
Djed stablecoin is Cardano’s native overcollateralized stablecoin. It is developed by the IOG team and powered by COTI, the first enterprise-grade fintech platform. It is backed by ADA and uses SHEN as a reserve coin. For ensuring the stability of Djed, it uses a collateral ratio between 400% and 800% for DJED and SHEN.
According to Djed’s official site, Djed Stablecoin’s price in ADA is around 2.53 ADA, with a circulating supply of around 1.8 Million.
DefiLlama, a DeFi TVL aggregator, recently added Djed Stablecoin on its Stablecoins dashboard.
Source: https://www.thecoinrepublic.com/2023/02/02/cardano-backed-stablecoin-djed-collected-almost-28m-ada-tokens/