Smart contract blockchain Cardano is currently working on introducing two new stablecoins, both of which aim to deliver greater stability to stablecoins. The Cardano development team will roll out the first fully-regulated, fiat-backed, USD-pegged $USDA stablecoin alongside an over-collateralized algorithmic stablecoin issued by COTI titled $DJED in 2023. Stablecoins, originally designed to act as a solution against the volatility of cryptocurrencies, have come under intense scrutiny of late. At the heart of the issues are concerns about the working principles of stablecoins, especially fiat-backed and algorithmic stablecoins.