The developers of Cardano’s (ADA) new stablecoin have revealed when the dollar-pegged crypto asset is slated to launch.

In a new blog post, payments firm COTI says that Djed, Cardano’s new stablecoin, is scheduled to launch sometime next week.

According to the developers, the only thing standing in the way of Djed’s launch is the chain index syncing process, which they say is about halfway done.

“We started the chain index syncing process. This process may take 14 days, and as we started the sync a week ago, we expect to complete it next week and be ready to launch. As of right now, this is the only technical bottleneck holding up the launch.”

However, no specific date for the launch was given.

Last month, COTI announced that Djed had transitioned to a multi-chain network that now supports private payment networks. It was also announced that Djed’s deposit fees will decrease by 50% as it switches from a fixed withdrawal price to a dynamic system.

COTI said the changes would assist with the widespread adoption of accepting crypto assets as payments for goods and services.

“This launch signifies a massive step for the crypto industry, as well as COTI, as the [upgrade] will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions.”

Djed’s approximate launch date was revealed as Cardano developers Input Output Hong Kong (IOHK) acknowledge a slew of new projects on its blockchain, such as NFT (non-fungible token) marketplaces, metaverse realms, crypto wallets, and decentralized exchange (DEX) platforms.

Cardano is changing hands for $0.358 at time of writing, a 5.35% decrease over the last 24 hours.

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