Cardano to enable new DeFi stablecoin with Coti
Coti previously partnered with Cardano’s stablecoin hub Ardana to bring decentralized stablecoin payments to AdaPay. A new stablecoin is arriving on the Cardano blockchain to provide a tool for decentralized finance (DeFi) operations and avoid transaction fees. Cardano’s payment gateway provider Coti will be the official issuer of Djed, a new DeFi-focused stablecoin for the Cardano network, Cardano founder Charles Hoskinson and Coti CEO Shahaf Bar-Geffen announced Sept. 26 at the Cardano Summit.
The new stablecoin will be based on algorithmic design, using smart contracts to ensure price stability and providing an instrument for DeFi transactions. The stablecoin is designed for paying transaction fees on the Cardano network in order to avoid “volatile and exorbitant gas fees” and make transaction costs “more predictable.”
According to the Djed’s research paper released in August, its stablecoin protocol will behave like an “autonomous bank that buys and sells stablecoins for a price in a range that is pegged to a target price.” The stablecoin will operate by maintaining a reserve of base coins, while minting and burning various other stable assets and reserve coins.
According to Hoskinson, the Djed stablecoin could be a game-changer in the crypto industry as it appeals to an “entirely new audience at a time when the industry is already experiencing astronomical growth.” The news comes shortly after Coti partnered with Cardano’s stablecoin hub Ardana to bring decentralized stablecoin payments to AdaPay, a Cardano (ADA) payment gateway supporting over 30 fiat currencies.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 71.6% | 54 | $27 633.20 | -0.02% | 2.44% | $534 060 036 937 |  |
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| 2 |  ETH |
Ethereum predictions | 75.6% | 39 | $1 749.35 | -0.49% | -0.84% | $214 074 957 233 |  |
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| 3 |  USDT |
Tether predictions | 92.8% | 1 | $1.001019 | -0.11% | -0.16% | $78 566 092 119 |  |
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| 4 |  BNB |
Binance Coin predictions | 75.6% | 51 | $323.33 | -0.83% | -3.57% | $51 051 275 960 |  |
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| 5 |  USDC |
USD Coin predictions | 92.4% | 2 | $0.999720 | 0.07% | -0.02% | $34 404 469 197 |  |
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| 6 |  XRP |
XRP predictions | 86% | 21 | $0.425604 | -5.31% | 12.54% | $21 684 894 622 |  |
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| 7 |  HEX |
HEX predictions | 59.2% | 82 | $0.097262 | -21.83% | 8.78% | $16 866 375 361 |  |
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| 8 |  ADA |
Cardano predictions | 74.8% | 43 | $0.360665 | -3.32% | 4.16% | $12 522 887 479 |  |
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| 9 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 10 |  DOGE |
Dogecoin predictions | 70.8% | 51 | $0.074732 | -3.91% | -1.34% | $9 914 772 100 |  |
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| 11 |  MATIC |
Polygon predictions | 77.6% | 48 | $1.11 | -1.86% | -9.15% | $9 659 567 617 |  |
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| 12 |  SOL |
Solana predictions | 75.2% | 52 | $21.59 | -1.00% | 4.01% | $8 284 331 535 |  |
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| 13 |  BUSD |
Binance USD predictions | 96% | 1 | $0.993449 | -0.65% | -0.74% | $8 011 194 439 |  |
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| 14 |  DOT |
Polkadot predictions | 73.6% | 49 | $6.13 | -1.26% | -6.49% | $7 164 137 045 |  |
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| 15 |  LTC |
Litecoin predictions | 72% | 58 | $90.76 | -0.41% | 6.89% | $6 584 394 664 |  |
