Cardano developers announced at the Cardano Summit in Lausanne, Switzerland that its first decentralized stablecoin, Djed, will launch on the mainnet in January, The Block reported. Djed, developed by Coti in cooperation with Cardano's lead developer Input Output, has been in development for more than a year. It is a decentralized stablecoin soft-pegged to the US dollar and will exist on Cardano's Layer 1 blockchain. Once Djed launches, Cardano users will be able to use Cardano’s native token, ADA, as collateral to mint stablecoins. Stablecoins are designed to be over-collateralized, with each Djed requiring more than 400% of the collateral value to be minted. Djed will be integrated into 40 applications in the Cardano ecosystem at launch. Also, DjedPay will be launched, a service that will enable merchants and other crypto users to accept Djed payments. the