🌎What kind of asset is being issued?

By virtue of the autonomy of the Djed and Gluon stablecoin protocols and by the decentralized nature of blockchains, deployments of these protocols can be considered:

  • globally non-territorial: their tokens are not issued within any particular geographical location (unless the underlying blockchain is tied exclusively to such a location).

  • de facto sovereignty-resistant: they can continue to run by themselves autonomously on blockchain nodes that are outside the reach of sovereign entities trying to harm them.

A corollary of the two facts above is that autonomous stablecoins are best seen as foreign currencies in every country.

Thus, for example, from a technical and logical point of view, a Djed or Gluon stablecoin 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 or Gluon stablecoin pegged to the EUR would have a status in Europe 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-driving monetary policy implemented as a smart contract on a blockchain that is not tied to a particular location.

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