Djed

Overcollateralized Stablecoin·active·Global

Djed is an over-collateralized stablecoin on the Cardano blockchain, built by COTI with Cardano core developer Input Output. It targets the US dollar and is backed by ADA held at a 400 to 800 percent collateral ratio, with the SHEN reserve coin absorbing volatility. Minting and redemption run through an on-chain smart contract, and Djed integrates with Cardano decentralized exchanges such as Minswap and WingRiders.

M69 Score

Methodology →

2.8

Weakly aligned

Monetary Sovereignty

3.0

Civilizational Durability

2.7

Universal Adoption

2.3

Rated today

M69 Verdict

A decentralized, crypto-collateralized USD stablecoin on Cardano: strong on non-custodial mechanics and zero fiat collateral, weaker on fiat independence (USD peg) and real-world traction.

M69 Score

M69 Alignment2.8

Weakly aligned

1.02.03.04.05.0

Monetary Sovereignty3.0

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability2.7

Sovereignty + Governance + Resilience

Universal Adoption2.3

Traction (2x) + Inclusivity

Iss Mod3x

3.0

Stability2x

3.0

Fia Ind & Int2x

3.0

Traction2x

2.0

Sovereignty

3.0

Governance

2.0

Resilience

3.0

Inclusivity

3.0

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Detailed Rating Breakdown

Issuance Model3x

3.0

Permissionless minting against ADA collateral with an on-chain mint and burn mechanism (debt-free), but issuance targets a USD peg rather than any real-economy index.

Spending Power Stability2x

3.0

Holds a USD peg via 400 to 800 percent overcollateralization and the SHEN reserve coin, roughly two years live near 0.98 to 0.99, but the benchmark is the US dollar rather than a purchasing-power basket.

Fiat Independence & Interoperability2x

3.0

Reserves are entirely crypto (ADA and SHEN) with no banking dependency, but the unit of account is fully borrowed from the US dollar and price feeds are fiat-denominated.

Traction2x

2.0

Live and integrated across Cardano DEXs with active 2025 to 2026 upgrades, but market cap is small (around 3M) and it is not used as a unit of account.

Sovereignty

3.0

Non-custodial and enforced by an on-chain smart contract on a permissionless L1, though COTI operates the protocol and front-end.

Governance

2.0

Operated by COTI as a company rather than a broad community DAO, with limited distributed decision-making.

Resilience

3.0

Survived multiple crypto market cycles with overcollateralization as a strong buffer, but stress performance under extreme ADA drawdowns is not deeply tested.

Inclusivity

3.0

Open and permissionless to anyone with a Cardano wallet at low cost and no KYC, though reserve and insider dynamics favor SHEN holders and COTI.