Cardano creates stablecoin named Djed

Recently the founder of Cardano (ADA) Charles Hoskinson stated that they will present a stablecoin for the development of the Cardano ecosystem.
Djed will be published by a financial ecosystem on the blockchain called COTI. He also added that COTI will be the official issuer of the new stable coin.
Djed’s stablecoin protocol is based on an algorithmic design that affects smart contracts to ensure its price remains stable. Further, smart contract programming will be used to ensure stablecoins work effectively in decentralized financial transactions (DeFi).
Djed stablecoin will function like USDT, USDC, or BUSD which have stable prices. It is possible that Djed will be used as a medium of exchange on the Cardano exchange platform.
Bar-Geffen, CEO of COTI Group, said that the stablecoin ecosystem is maturing and the stable coin will serve as a daily transaction tool. He also assessed that the Djed stablecoin will be added to the Cardano blockchain to increase transactions within the platform.