- DJED is Cardano’s over-collateralized algorithmic stablecoin.
- DJED will use SHEN as its reserve coin.
- The launch of DJED on the mainnet is expected to take place this month.
Cardano (ADA) price has risen by 7.7% over the last week and by 45% over the last month as the overall crypto market recovery gains momentum. It is among those cryptocurrencies that have gained the most in the wake of the market recovery since the start of 2023.
However, in addition to the general market recovery, the bullish Cardano market sentiment is also supported by the much-awaited launch of the DJED stablecoin on the mainnet which is scheduled for this month. And just before the launch takes place, Bitrue, a popular Singapore-based crypto exchange, has announced plans to list the DJED stablecoin together with SHEN, its reserve coin.
Bitrue to list DJED stablecoin
Bitrue disclosed its plans to list DJED via an official blog release on its website followed by a tweet from COTI Network about the same.
Thank you @BitrueOfficial https://t.co/enMgq3Ad6x
— COTI (@COTInetwork) January 24, 2023
This will make Bitrue the first cryptocurrency exchange to list the much-anticipated stablecoin once it is launched. However, since the stablecoin is yet to be launched, the exchange will announce the listing soon after the launch of the stablecoin.
Bitrue has had a long-standing relationship with the Cardano network as well as with the Cardano community which could be the reason behind the plan to list DJED and SHEN. The exchange announced ADA as one of its base currencies last February and a few months after it contributed 1 million ADA to several ADA staking pools to support the decentralization of the Cardano network.
Besides listing the two coins, Bitrue also plans to introduce DJED and SHEN staking in future.