Djed StableCoin (DJED) is an algorithmic US dollar stablecoin. It has about $1.4M in circulation, ranking #196 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is DJED?
Djed StableCoin (DJED) is an algorithmic US dollar stablecoin. It has about $1.4M in circulation, ranking #196 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Cardano's native overcollateralized stablecoin, developed by IOG and powered by COTI. DJED is backed by ADA and uses SHEN as a reserve coin.
DJED supply history
DJED supply fell 2.4% over the past 30 days, to $1.4M. Its peak was $6.0M in December 2023, and supply is 76% below that high.
Is DJED holding its peg?
DJED is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where DJED lives: supply by blockchain
Supply is concentrated: Cardano holds 100% of all DJED. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How DJED is backed
DJED relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Minting and redemption: Using the DJED App (https://djed.xyz/) users supply ADA as collateral to receive DJED. It uses a collateral ratio between 400% and 800% for DJED and SHEN.
DJED risks
With little hard collateral, falling confidence can feed on itself, the pattern that destroyed TerraUSD in 2022.
With $1.4M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
DJED vs USDT and USDC
Similar algorithmic stablecoins
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DJED FAQ
What is DJED?
Djed StableCoin (DJED) is an algorithmic US dollar stablecoin. It has about $1.4M in circulation, ranking #196 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is DJED pegged 1:1 to the US dollar?
DJED targets 1 USD. At the last update it traded at $0.9961, a deviation of -0.39%, which we classify as "on peg".
What backs DJED?
DJED is an algorithmic stablecoin. DJED relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Which blockchains is DJED on?
DJED is live on 1 blockchain. The largest by supply are Cardano ($1.4M).
How much DJED is in circulation?
About $1.4M of DJED was in circulation at the last update, -2.4% over 30 days. That makes it the #196 stablecoin by supply among those we track.
Is DJED safe?
No stablecoin is risk-free. As a algorithmic design, DJED's main risks are a self-reinforcing loss of confidence (the "death spiral" that broke TerraUSD in 2022), thin or absent collateral, and smart-contract bugs. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.