Despite the recent setbacks, the <a href="https://finbold.com/category/cryptocurrency-news/">cryptocurrency sector</a> continues to expand, led by the developments and innovations of major ecosystems such as the Cardano (<a href="https://finbold.com/cryptocurrency/cardano">ADA</a>) network, which has recently renewed its <a href="https://finbold.com/guide/stablecoins/">stablecoin</a> tests.

Proof-of-stake blockchain platform, Cardano, has partnered with COTI, a DAG-based Layer 1 protocol, to launch what it refers to as an over-collateralized algorithmic stablecoin. The project said in an announcement provided to Cointelegraph that the stablecoin will be backed by excess collateral in the form of cryptocurrency stored in a reserve.

COTI, blockchain payments network and issuer of Cardano’s algorithmic stablecoin Djed has announced that the stablecoin will be finally launched on the mainnet in January of 2023 after months of anticipation.