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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cardano Founder Debunks Rumors Of Stablecoin Djed’s Shutdown

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Cardano Djed Charles Hoskinson

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In a definitive response to swirling rumors regarding the possible discontinuation of the Djed stablecoin, Charles Hoskinson, founder of Cardano, firmly stated that not only will the project continue, but it will also receive a significant upgrade. “No, we aren’t dropping Djed. We are supercharging the team,” he announced.

Cardano Developer IOG Doubles Down On Djed

Djed, an overcollateralized stablecoin by Input Output Global (IOG) and COTI has been under scrutiny due to its unique financial mechanism recently. Specifically, the stablecoin uses Cardano’s ADA token as a reserve, aiming to maintain a circulating supply backed by four times the number of its outstanding coins.

While designed to provide enhanced security and stability for its users, recent metrics indicated the reserves had decreased to 356%, prompting a temporary suspension of minting new Djed tokens.

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In the midst of this, IOG issued a series of statements indicating structural changes and expansions. Hoskinson tweeted about the addition of Sean Ford, noting, “Glad to welcome my good friend Sean Ford to the IOG family.” This was in conjunction with IOG’s formal announcement, detailing the appointment of Sean Ford as CEO and David Markley as COO of a newly formed subsidiary concentrating on the stablecoin sector.

Ford’s credentials in the technology sector are quite noteworthy, having been part of the founding team at Algorand where he served in both COO and CEO capacities. Additionally, David Markley, before joining IOG, was deeply entrenched in Algorand’s Operations, Venture, and Business Solutions teams.

Articulating his vision for the evolving stablecoin sector, Ford stated, “The stablecoin space is rapidly evolving as the next frontier in digital asset payments, settlement, and innovation. I am excited to engage with the IOG team and the broader blockchain, stablecoin, and crypto community as we work collectively to create and launch the next generation of stable assets.”

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Hoskinson, reflecting on his long-standing involvement in the field, emphasized the necessity of stablecoins for the blockchain industry. Drawing attention to his work from BitShares to Djed, he said, “The blockchain industry needs stablecoins to realize its mission and fully protect its values. I’m incredibly proud to welcome my friend Sean Ford to lead a new venture to develop stablecoins and other payment solutions alongside their supporting ecosystems.”

These developments suggest a recalibration of the Djed project under new leadership. With firm support from the Cardano ecosystem, Djed could make a new attempt to conquer a part of the huge stablecoin market in the crypto sector.

ADA Breaks The Downtrend

Last Saturday, the ADA price managed to break above a descending trend line that has its origin in mid-April, when ADA reached its high for the year at $0.463. Since then, ADA has been in a downtrend, which may now be coming to an end, as discussed in our latest analysis.

The Cardano price has recaptured the 0.236 Fibonacci retracement level on the 1-day chart and is now close to the extremely important 200-day EMA at $0.298.

Cardano ADA price
ADA price, 1-day chart | Source: ADAUSD on TradingView.com
Featured image from Cardano Forum, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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