Djed vs USDT: How Cardano's Stablecoin Outperformed the Market
As the stablecoin sector faces a storm in recent days, Djed, the stablecoin developed by COTI on Cardano's network, has gained significant traction and even overtaken USDT, the largest stablecoin by market capitalization. Here is a breakdown of the latest developments.
Djed Trades at a Premium Over USDT
Djed, the algorithmic stablecoin with redundant collateral, has traded at a premium over USDT, with a value of $1.08 against the dollar at one point. This makes Djed an appealing alternative for investors looking for stability in the current market. The difference between USDT and Djed now stands at 1%, favoring Djed.
Djed's Trading Volume Continues to Rise
According to CoinMarketCap, Djed's trading volume has increased by 268% in the last two days, indicating a growing interest in the stablecoin. The stablecoin's current reserve is 33.28 million ADA, with a circulating supply of 2.4 million Djed.
The stablecoin crisis was a significant test for Djed, which was launched just over a month ago. However, Djed has proven its resilience during this time and continues to gain momentum. Developed by COTI, Djed operates on Cardano's core network, and has a collateral rate of 428%. The stablecoin's principles and operating mechanism can be found here.
Stablecoin Market Shows Signs of Recovery
Although the stablecoin market faced a crisis in recent days, the peak of the panic seems to have passed. Some stablecoins, such as LUSD and BUSD, have regained their peg to the dollar. However, USDC continues to trade below the key mark, at $0.96 per token. The community awaits the start of the work week to see what further steps will be taken on this issue.
Djed's success amid the stablecoin turmoil showcases the strength and appeal of Cardano's network. The stablecoin's surge in value and trading volume demonstrates the market's need for stable and reliable alternatives in times of uncertainty.