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 | 57.6% | 84 | $29 906.45 | 1.19% | -0.93% | $569 615 124 749 |  |
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| 2 |  ETH |
Ethereum predictions | 56.8% | 88 | $2 006.73 | 1.31% | -3.60% | $242 575 430 000 |  |
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| 3 |  USDT |
Tether predictions | 91.2% | 1 | $0.998861 | 0.02% | 0% | $73 191 653 422 |  |
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| 4 |  USDC |
USD Coin predictions | 92.4% | 1 | $1.000391 | 0.01% | 0% | $53 095 646 398 |  |
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| 5 |  BNB |
Binance Coin predictions | 59.6% | 88 | $316.79 | 1.33% | 4.98% | $51 725 100 830 |  |
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| 6 |  XRP |
XRP predictions | 60.4% | 89 | $0.417070 | 0.10% | -2.43% | $20 162 437 867 |  |
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| 7 |  BUSD |
Binance USD predictions | 96% | 1 | $0.999756 | -0.07% | -0.22% | $18 513 212 786 |  |
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| 8 |  ADA |
Cardano predictions | 59.2% | 91 | $0.535071 | 0.10% | -4.15% | $18 052 780 745 |  |
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| 9 |  SOL |
Solana predictions | 58.8% | 88 | $51.57 | 2.05% | -5.27% | $17 496 824 554 |  |
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| 10 |  DOGE |
Dogecoin predictions | 56.8% | 92 | $0.085116 | 0.07% | -5.10% | $11 292 451 422 |  |
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| 11 |  DOT |
Polkadot predictions | 56.4% | 87 | $10.08 | 0.86% | -9.13% | $9 955 703 739 |  |
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| 12 |  AVAX |
Avalanche predictions | 59.6% | 90 | $31.39 | 4.58% | -10.83% | $8 448 611 482 |  |
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| 13 |  WBTC |
Wrapped Bitcoin predictions | 57.6% | 84 | $29 892.78 | 1.26% | -0.99% | $8 268 429 569 |  |
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| 14 |  TRX |
TRON predictions | 70.8% | 53 | $0.076139 | 2.55% | 10.86% | $7 366 589 571 |  |
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| 15 |  DAI |
Dai predictions | 94% | 1 | $1.000541 | -0.05% | 0.02% | $6 532 230 569 |  |
