Djed is a crypto-backed overcollateralized stablecoin that is developed by IOG and powered by COTI. Djed uses smart contracts to ensure price stabilization, and that the coin will be useful for DeFi operations. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins. In order to mint the Djed stablecoin, users will need to interact with the smart contract by sending $ADA to its address, then the contract will send Djed back to the user. The price of Djed will aspire to be $1. The basecoin which is the coin that Djed is backed by, is $ADA.