Highly anticipated Cardano algo stablecoin Djed launching soon

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The Djed Cardano stablecoin that has been in active development for some time is now gearing up for launch.

In a recent update, the team behind Djed announced that the stablecoin will be released next week.

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Djed is an algorithmic stablecoin being developed and nurtured by IOG (Input Output Global).

Algorithmic Cardano stablecoin Djed to be released next week

Stablecoins have had a difficult time in recent years. Since the pioneering USDT stablecoin's launch and subsequent depegging conspiracies, crypto traders have been cautious about new stablecoins on the market.

In recent years, multiple stablecoins have come about to try and improve upon USDT's existing framework.

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Some have unfortunately fallen. UST, Polkadot’s AUSD, USDD have suffered major depegging situations.

Stablecoins such as USDT, USDC, and DAI have gained trust over time by providing a consistent service to crypto traders who want to keep their funds on-chain without holding a volatile cryptocurrency.

Djed will face a lot of competition if it wants to become a dependable Cardano-based stablecoin. Djed, which is backed by Bitrue and Wingriders, will begin with listings on the aforementioned exchanges.

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According to Djed, the team has begun syncing the chain index. Once the sync is complete Djed will be ready to go.

From Djed's medium article:

We started the chain index syncing process. This process may take 14 days, and as we started the sync a week ago, we expect to complete it next week and be ready to launch. As of right now, this is the only technical bottleneck holding up the launch.

Cardano users hope Djed will be a breath of fresh air for Cardano after the blockchain suffered a network outage a week prior.