Charles Hoskinson breaks silence on stablecoin project Djed shutdown rumors
, prominent blockchain entrepreneur and founder of Cardano, has shed light on the future of the Djed stablecoin project. Contrary to rumors of its discontinuation, Hoskinson confirmed that the Djed, a stablecoin developed by Input Output Global and powered by COTI, has gained attention for its overcollateralized nature, utilizing Cardano's native blockchain token, , as a reserve.
Despite its promising beginnings, Djed faced some challenges, with its reserves dwindling to 356%, leading to a temporary halt in minting new tokens due to low activity.Charles Hoskinson's statement may breathe new life into the Djed project. However, to further bolster its potential, IOG, the development company behind Cardano, has made strategic changes.
Thus, W. Sean Ford has been appointed as the CEO, with David Markley taking the role of COO for a newly established spin-off company dedicated to the stablecoin sector.Hoskinson expressed his enthusiasm for this new venture, emphasizing the importance of stablecoins in the blockchain industry. He remarked,"The blockchain industry needs stablecoins to realize its mission and fully protect its values.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management. He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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