As the crackdown on major stablecoin companies continues by the US authorities, other subordinate stablecoins seem to have been dragged into the matrix. According to the monitoring tool deployed in the cause of this finding: TapTools, only 882 individuals possess DJED, Cardano’s recently minted stablecoin; therefore, adoption is not as strong as anticipated.
From some comments gathered from Crypto Twitter, the Cardano community is debating the consequences of the underwhelming volume due to the low number of holders. It was explained that to stabilize the unstable Cardano environment, DJED, a stablecoin tied to the US dollar, was created. Even though this new digital asset was launched a few weeks ago with much enthusiasm, users are taking their time to accept it.
Given that the platform is known for having one of the most active and involved communities in the cryptocurrency sector, many members of the Cardano community are surprised by the low number of DJED holders. Some have theorized that this may be due to a lack of awareness or advertising, while others think users may be holding off on investing until they see how the asset performs.
Brief Analytical Performance
It was also gathered that the ADA price has dropped by 10.14% over the last week due to the dispute over DJED’s volume on the Cardano ecosystem as a whole. ADA is trading at $0.36, a decrease from its most recent highs.
Recall, that the DJED stablecoin was introduced to bring stability to the Cardano ecosystem, which has a history of being volatile. Users don’t appear to be fully convinced that this is the best asset for them. Although DJED is in its infancy, some members of the Cardano community are worried about the small number of holders.
It is also said that it will take time for DJED to have a grip on the market and establish its value, as with any new asset. It will be interesting to watch how the topic surrounding DJED develops in the upcoming weeks and months, given that the Cardano community is renowned for its active engagement and discussion.
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