Cardano to launch algorithmic stablecoin in January 2023

Cardano ADA Token

Cardano, the proof-of-stake blockchain network oft touted as Ethereum’s most serious competitor, plans to launch an algorithmic stablecoin in January 2023.

Project ‘Djed’, which is being developed in partnership with COTI, a DAG-based Layer 1 protocol, will use an algorithm that is backed by excess collateral through a cryptocurrency reserve.

Djed is set to launch on Cardano’s mainnet as early as January next year, so long as it passes an audit and a planned...

23 November 2022 | Altcoins

Tether depegs from $1 mark following TerraUSD and LUNA collapse

Tether (USDT)

It has been a rough week for crypto, but an even rougher week for stablecoins.

Tether (USDT), the stablecoin mainstay of the crypto space, snapped as low as $0.95 in the early hours of 12 May amidst wider market fears surrounding TerraUSD (UST).

Earlier in the week, UST depegged from its intended $1 mark, falling as low as $0.29.

In a desperate bid to restore UST’s price, Terraform Labs have been printing and selling millions of its stabilising token, LUNA,...

12 May 2022 | Bitcoin

Terra network suffers massive losses as UST falls below dollar peg

Terra Anchor

Whilst the whole cryptocurrency sector is tanking to lows not seen since last summer, few coins are having a worse time than TerraUSD (UST), the largest algorithmic stablecoin on the market.

UST, which is supposed to always be worth $1, briefly fell to $0.98 on May 7 following a number of major withdrawals from decentralised finance (DeFi) protocols on the Terra network.

The situation worsened on May 9 when UST’s price plummeted to $0.68 amidst a wider market selloff...

10 May 2022 | Cryptocurrency