New Cardano-Based Stablecoin DJED Quickly Attracts Over 27,000,000 ADA in Reserves

A new decentralized stablecoin based on smart contract platform Cardano (ADA) is quickly gathering millions of ADA in its reserves. According to data from Djed (DJED), the new stablecoin has seen a parabolic rise in its reserve assets, leaving it overcollateralized as intended. The data shows that DJED has a 591% reserve ratio with just over 27 million ADA tokens backing it at time of writing. Djed’s website also gives insights into the stablecoin’s mechanism and how it aims to remain stable due to over-collateralization. “DJED is an overcollateralized stablecoin that uses exogenous collateral to ensure stability. The protocol is