DJED Stablecoin Underwhelms: Only 882 Holders Reported

A Cardano analysis tool has reported a low volume of DJED holders.
The community is listing possible factors behind the low volume.
The COTI network is not displeased by the reported number.

DJED launched in late January 2023 as the first native stablecoin on the Cardano (ADA) network.

On February 26th, 2023, Cardano analysis tool TapTools has shared that the total volume of users holding DJED is only 882, further prompting the community to comment on whether the volume is a “surprise” or not.

The community is not only obliging with a number of responses to the prompt but is also dissecting the report by TapTools in an attempt to figure out the reason behind the low adoption rate and whether the reported volumes are accurate.

DJED Adoption Delayed or Doomed?

The Cardano community is notoriously active in conversations on Crypto Twitter, and the debate about the volume of DJED holders is proving to be no exception.

In response to the claims by TapTools, Twitter user Lone Wolf has shared a critique that “DJED failed to be adopted” due to the high transaction minimum of 5,000 DJED / 5,000 SHEN for minting.

$DJED failed to be adopted.
Ones i tried to buy it, Minimum amount was too high, transaction fee was too high.

i compare Djed with Dai and there is no way to binance would choose $COTI for next Busd.

Another failed project on Cardano.
— Lone Wolf (@Defiant82__) February 26, 2023

Claynation community member Belk tre has suggested that it would have been easier to buy DJED on Coinbase, hinting that the low volume of holders can be attributed to the accessibility of the stablecoin.

If I could just buy it on Coinbase it’s would be easier
— $belk ? (@belk_tre) February 26, 2023

AI art collector Dom Stocchetti says the low volume of holders is surprising, but “incoming regulation of stablecoins is likely scaring people away.”

Yes, very low

Surprises me, but the incoming regulation of stablecoins is likely scaring people away

that coupled with it being highly inaccessible is certainly attributing to it
— Dom Stocchetti (@DomStocchetti) February 26, 2023

Beyond the responses from community members, the official developers behind the stablecoin have also commented on the tweet by TapTools.

COTI Responds

The COTI Network is the official developer and issuer of the DJED stablecoin. In response to the claims by TapTools, COTI has opined that the adoption of DJED is “just getting started,” considering the stablecoin was launched less than a month ago.

1/2 DJED’s adoption is just getting started.
DJED was launched less than a month ago, and already has more holders than stablecoins with market caps of hundreds of millions of dollars. So actually, we are very pleased with these figures.
— COTI (@COTInetwork) February 27, 2023

COTI has suggested that DJED “already has more holders than stablecoins with market caps of hundreds of millions of dollars,” stating that they are, in fact, “very pleased” with the current figures.

Furthermore, COTI has noted that it is “unclear” whether the figures reported by TapTools include DJED and backing token SHEN holders holding tokens on DEXs, inferring that “the actual number could be even higher.”

Amidst the controversy around the volume of DJED stablecoin holders, the price of ADA has dipped 10.14% over the past seven days and is currently trading at $0.36 USD.

On the Flipside

Reserves for the DJED stablecoin appears to be in a sweet spot despite the reported low holder volumes, currently recording a 476% reserve ratio on the official website.