Cardano to Enable New Stable DeFi Coin with Coti. Coti previously collaborated with the Cardano Ardana stablecoin center to provide decentralized payments for stablecoins in AdaPay. The new stablecoin arrives 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 stable coin for the Cardano network, Cardano founder Charles Hoskinson and Coti CEO Shahaf Bar-Geffen announced at the Cardano Summit on Sunday. The new stablecoin will be based on an algorithmic scheme using smart contracts to ensure price stability and provide a tool for DeFi transactions. The stablecoin is designed to pay transaction fees on the Cardano network to avoid "unsustainable and exorbitant gas charges" and make transaction costs "more predictable." According to Jed's research paper published in August, his stablecoin protocol will behave like "an autonomous bank that buys and sells stablecoins at a price in a range that is tied to the target price." The stablecoin will work by maintaining a reserve of base coins when minting and burning various other stable assets and reserve coins. According to Hoskinson, Djed stablecoin can change the rules of the game in the crypto industry, as it appeals to "a completely new audience at a time when the industry is already experiencing astronomical growth." This news came shortly after Coti partnered with Cardano's stablecoin hub, Ardana, to provide decentralized stablecoin payments in AdaPay, Cardano's payment gateway (ADA) supporting more than 30 fiat currencies. #Cryptocurrency
