Will Djed make the most of stablecoin turmoil? Here’s what the metrics say

Will Djed make the most of stablecoin turmoil? Here’s what the metrics say

March 22, 2023

By Suzuki Shillsalot

Read Cardano’s [ADA] Price Prediction 2023-24

Djed didn’t lose its USD peg during the recent turmoil in the stablecoin market,

Djed’s TVL saw gains of 17% since the USDC depegging saga,

Cardano’s [ADA] stablecoin Djed, which launched earlier this year, may soon expand to other layer-1 networks like BNB Chain [BNB] and Ethereum [ETH].

The CEO of COTI, the firm which developed Djed in collaboration with Input Output HK (IOHK), said that the expansion was always part of the project scope but they will work towards it with greater focus.

The CEO added that they received several requests from non-Cardano DeFi protocols to have the stablecoin launched on their blockchains.

Chance to thrive?

The recent developments in the stablecoin ecosystem put the focus towards entities which remained reliable throughout the chaos. One of them was Djed, which didn’t lose its USD peg.

Infact at one point in time, it traded at a premium against the USD, per date from CoinMarketCap. During periods of high demand, stablecoins tend to go above their pegged value.