Cogito Protocol To Use Cardano Djed As a Treasury Reserve for Its Stablecoins

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COTI announces yet another partnership for Cardano’s stablecoins.

COTI, a DAG-based layer-1 protocol and the official issuer of Cardano stablecoin Djed, has announced yet another partnership for the algorithmic stablecoin. According to a Medium blog post today by COTI, Cogito Protocol is the latest firm to indicate interest in Cardano’s Djed.

“We are pleased to announce another Djed partnership, this time with Cogito Protocol, a spin-off from SingularityNET, a multichain, decentralized AI platform,” COTI said in an announcement.

 

Per the announcement, Cogito Protocol will explore the possibility of launching stablecoin trading pairs between Cardano’s Djed and its tracercoins, a new class of digital currencies. Furthermore, Cogito will also be adding Djed to its treasury reserve in a bid to shield the value of Cogito’s stablecoins from fluctuating.

Commenting on the development, Cloris Chen, Cogito’s CEO, said the company partnered with COTI to use Djed because it has been following the development of the stablecoin for years.

“We have been following Djed’s development for a long time. This partnership showcases the collaborative and inclusive nature of Cardanoland, and together,” Chen said.

Growing Adoption of Cardano’s Stablecoin

It is noteworthy that the development suggests a growing interest in Djed by top Cardano-related projects. Since COTI was chosen as the official issuer by the Cardano development team, the DAG-based layer-1 protocol has collaborated with top companies to foster the widespread adoption of the stablecoin.

As reported by TheCryptoBasic, COTI inked partnership deals with five companies for Djed in just one month. Some of the companies that have indicated an interest in Djed include Wingriders, Trading Trent, Kirkstone, Iagon, Thrift, Astarter, and Cardano Warriors.

“This partnership, along with some of the previous ones we have announced, will ensure the proper utilization of Djed across the entire Cardano ecosystem and create an increased use-case for it across multiple platforms,” COTI noted.

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