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Djed StableCoins as Globally Foreign Currencies
By virtue of Djed's autonomy and by the nature of blockchains, deployments of Djed can be considered:
- globally non-territorial: a Djed deployment's SCs and RCs are not issued within any particular geographical location (unless the underlying blockchain is tied exclusively to such a location).
- de facto self-sovereign: a Djed deployment can continue to run by itself autonomously on blockchain nodes that are outside the reach of entities trying to harm it.
A corollary of the two facts above is that a Djed deployment's SCs are best seen as foreign currencies in every country.
Thus, for example, from a technical and logical point of view, a Djed SC pegged to the USD would have a status in the USA (and elsewhere) similar to HKD (Hong Kong Dollar) or SGD (Singapore Dollar); a Djed SC pegged to the EUR would have a status similar to the XAF or XOF.
However, instead of being issued by the sovereign monetary authorities of, respectively, Hong Kong, Singapore, Central African countries and West African countries, it is issued by a self-sovereign self-driving monetary policy implemented as a smart contract on a blockchain that is not tied to a particular location.