Cardano momentum is building as the launch of the Djed stablecoin nears. ADA prices have yet to make a big move, but one could be soon.

Hype is mounting over the latest project to launch on the Cardano ecosystem. Djed is a crypto-backed, over-collateralized algorithmic stablecoin that is backed by ADA. It has been developed by Cardano backers IOG and powered by Coti, a layer-1 scalable enterprise network.

Djed is planned for release this month. However, no date has been specified just yet.

Djed is entering a crowded stablecoin market that already accounts for 13% of the entire crypto market cap and almost a third of the top ten assets.

(By Martin Young)