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

The much-anticipated Cardano algorithmic stablecoin DJED has finally launched on mainnet.  

Djed, a decentralized stablecoin pegged to the US dollar, launched on the Cardano blockchain after being in development for over a year. Djed was developed by blockchain firm Coti in collaboration with Cardano's core developer Input Output.

COTI has found a temporary solution to enable SHEN holders to receive delegation rewards when Djed launches.

Based on a discovery from a new stablecoin test of Cardano, Rick McCracken has predicted a close launch date for Djed mainnet. Rick McCracken, the owner of the ADA staking pool, DIGI, and also a Cardano supporter, did not hesitate to make his findings and prediction known via his Twitter handle.

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.

Djed, the Cardano-powered stablecoin, will be released in the latter half of January. According to the official account for the stablecoin. The Cardano community, which has been anticipating the launch of the first algorithmic stablecoin on the world’s biggest proof-of-stake blockchain, responded positively to this news.

Shahaf Bar-Geffen, the CEO of COTI, said Djed is an overcollateralized stablecoin and not an algorithmic stablecoin.

The launch of the stablecoin on Cardano’s mainnet is expected to occur this month.

In a recent interview, Shahaf Bar-Geffen, the CEO of FinTech startup COTI Group, the issuer of algorithmic stablecoin Djed (which is built on Cardano), talked about the upcoming launch of the eagerly anticipated project.