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 | 91.6% | 8 | $37 999.52 | 0.28% | 1.60% | $743 176 326 003 |  |
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| 2 |  ETH |
Ethereum predictions | 84.4% | 28 | $2 087.03 | 2.47% | 0.76% | $250 940 118 733 |  |
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| 3 |  USDT |
Tether predictions | 95.6% | 1 | $1.000108 | 0% | -0.01% | $89 361 383 812 |  |
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| 4 |  BNB |
Binance Coin predictions | 84.8% | 26 | $229.00 | 0.60% | -2.63% | $34 738 394 358 |  |
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| 5 |  XRP |
XRP predictions | 80% | 34 | $0.610895 | 0.45% | -2.05% | $32 920 250 746 |  |
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| 6 |  SOL |
Solana predictions | 61.6% | 81 | $60.80 | 1.23% | 6.16% | $25 782 778 428 |  |
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| 7 |  USDC |
USD Coin predictions | 96% | 1 | $1.000068 | 0.01% | 0% | $24 548 544 676 |  |
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| 8 |  ADA |
Cardano predictions | 78% | 44 | $0.380539 | -0.17% | -3.44% | $13 436 086 955 |  |
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| 9 |  DOGE |
Dogecoin predictions | 78.8% | 45 | $0.083736 | 2.84% | 8.64% | $11 894 668 878 |  |
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| 10 |  STETH |
Lido stETH predictions | 92.4% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 11 |  TRX |
TRON predictions | 85.6% | 21 | $0.103684 | -0.04% | 1.38% | $9 179 973 425 |  |
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| 12 |  WTRX |
Wrapped TRON predictions | 87.2% | 24 | $0.102241 | -0.94% | 0.07% | $9 052 152 442 |  |
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| 13 |  TON |
Toncoin predictions | 82.4% | 28 | $2.43 | -0.65% | -0.25% | $8 323 116 435 |  |
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| 14 |  LINK |
Chainlink predictions | 69.2% | 55 | $14.57 | 0.24% | 0.77% | $8 110 917 522 |  |
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| 15 |  AVAX |
Avalanche predictions | 56% | 90 | $22.06 | 3.37% | 6.67% | $8 056 357 288 |  |
