Bitrue to List Cardano Stablecoin DJED and its Reserve Coin SHEN
Bitrue is the first exchange with plans to list DJED and SHEN.
Bitrue, a prominent Singapore-based exchange with offices in the U.S. and Europe, has disclosed plans to list DJED, Cardano’s forthcoming stablecoin, and SHEN, its reserve coin. The exchange plans to become the first platform to list DJED and SHEN, noting that the official listing announcement will be made soon.
The decision was partly triggered by Bitrue’s long-standing relationship with the Cardano network and the community, as revealed by the exchange in an official blog release today. The development was further brought to public attention through its official Twitter handle and highlighted by COTI which expressed gratitude for the decision.
Exciting $DJED news!#Bitrue will list both $DJED and $SHEN!
Thank you @BitrueOfficial https://t.co/enMgq3Ad6x
— COTI (@COTInetwork) January 24, 2023
According to the blog release, Bitrue plans to also include support for DJED and SHEN staking in the near future. SHEN, which is backed by Cardano (ADA), is the reserve token to be leveraged in maintaining DJED’s peg to the dollar. As a result of this all-encompassing initiative, ADA proponents already on Bitrue will have little reason to switch to other platforms.
This would mark the latest in a series of moves Bitrue continues to make in support of the Cardano community. Last February, Bitrue announced ADA as one of its base currencies. A few months after that, the platform revealed plans to contribute 1 million ADA to several Cardano staking pools as a way to support the network’s decentralization.
Meanwhile, with the launch of DJED expected on the mainnet this month, COTI, the payments platform in charge of the stablecoin’s issuance, has made several developments in ensuring that the launch is a success. Last month, COTI released DJED v. 1.1.1 on the public testnet with Vasil compatibility and new features.
In one of its numerous attempts at facilitating DJED utility, last October, COTI formed a partnership with the Axo trading protocol that would see the stablecoin integrated into Axo’s digital asset trading platform. Cogito Protocol also partnered with COTI, in September 2022, to include DJED in its treasury reserve among other use cases.
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