Cardano-based overcollateralized stablecoin Djed (DJED) has attracted over 27 million cardano (ADA) tokens as backing less than a day after launch, data shows.

At the time of writing Djed has a reserve ratio of nearly 600%, meaning each djed is backed by six times its value in ADA. At current prices, the ADA locked for issuing djed is worth over $10 million.

The highly anticipated djed stablecoin has been jointly developed by Cardano code maintainer IOG and Coti, a layer 1 blockchain.

Djed will be backed by other tokens and requires between 400% and 800% in collateral value to be posted before it is issued to a user.

(By Shaurya Malwa)