Could Cardano Hit $1 With This New Catalyst?
Since last November, Cardano (CRYPTO: ADA) supporters have been eagerly awaiting the arrival of a new stablecoin. And now all signs point to Cardano finally launching this new stablecoin, known as Djed, in the final week of January. This could be big news for Cardano, which has been trading in a relatively flat range of $0.25 to $0.45 for the past two months.
For Cardano, this new stablecoin represents more than just a new product launch -- it is the next step of a bold new strategy based around decentralized finance (DeFi), one of the most important niches of the blockchain world. So just how much of a boost will Cardano actually get when Djed launches?
Within the crypto industry, stablecoins are extraordinarily important as a way of transferring value across different blockchains. They also help provide liquidity and stability. If you take a look at the top 10 cryptocurrencies by market capitalization on CoinMarketCap, for example, you'll see that three of the most valuable cryptos are actually stablecoins. Typically, they are pegged 1:1 to an underlying asset, such as the U.S. dollar, which makes them very useful for moving between crypto and fiat.
Source Fool.com
