Cardano working on the “Djed Pay” payment app

The Djed Stablecoin project from the Cardano team is moving toward the retail adoption targeted development works.

Djed is a protocol-based stablecoin concept, which came into origin from the mind of Cardano founder Charles Hoskinson. This token is a Cardano crypto network supported stabelcoin, which was designed by the Cardano Devs team Input Output Hong Kong (IOHK) and issued by the crypto project team COTI. This stabelcoin is still on testnet version.

At present, developers are working on a Djed Stablecoin-supported payment app “Djed Pay”. A picture of this development work was shared by the team on Twitter.

A Twitter user asked why devs are working on a dedicated payment app while Djed is a token on the Cardano network which can be accessed in any Cardano Crypto wallet app.

“Since DJED is a Cardano native token, why not just use personal wallets to transfer the assets?.. Who’s the target user of DjedPay and what does it offer to the users?”

Earlier this, on 22 November, Djed Stablecoin team confirmed that Djed will go live on the mainnet in January 2023.

It means, Djed Stablecoin & DjedPay will be available to use for the Cardano ecosystem users in the new year beginning.

Initially, this stablecoin concept came into light in mid of 2021, when Hoskinson shared his plan for this stablecoin. He also explained through a mathematical theorem that Djed was able to handle every possible situation to maintain its value always pegged to its assigned value.

After the collapse of the TerraUSD (UST) stablecoin project, many people criticised Hoskinson over his Djed Stablecoin project. Hoskinson further responded and confirmed that his stablecoin will always remain over-collateralized, to overcome any worse scenarios.