Cardano (ADA)-Based Stablecoin To Migrate to Ethereum (ETH), Binance Smart Chain and More, Says COTI CEO
The firm behind a US dollar-pegged stablecoin built on Cardano (ADA) plans for it to be available on blockchains like Ethereum (ETH), Binance Smart Chain, and more.
In a new video posted to the Djed (DJED) stablecoin Twitter page, COTI CEO Shahaf Bar-Geffen says DJED will migrate to other blockchains because all decentralized finance (DeFi) ecosystems could use a reliable stablecoin.
Bar-Geffen explains why DJED didn’t lose its peg during this month’s market turbulence.
“Last week’s events caused some market turbulence. We’ve seen major stablecoins losing their peg… DJED did not lose its peg. Why is that so? Because DJED employs three major properties of stablecoins. DJED is decentralized – it does not rely on fiat or someone messing with the peg. DJED is overcollateralized – so it can be backed with crypto. And hence, it’s also verifiable – you can see the collateral on-chain. This is why trust remains. This is why DJED did not lose their peg even though much bigger stablecoins lost their peg.”
The Coti CEO says other blockchain communities have expressed interest in DJED because of the stablecoin’s reliability, but that COTI always planned to expand to other chains.
“DJED will be on other chains, as well. Obviously, on Ethereum. And Binance Smart Chain, just to name a few. It will probably be on other smart chains, as well. Because DeFi ecosystems need a stablecoin that is stable and reliable.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/gg_tsukahara/Mingirov Yuriy
The post Cardano (ADA)-Based Stablecoin To Migrate to Ethereum (ETH), Binance Smart Chain and More, Says COTI CEO appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
