Justin Sun, the founder of the Tron blockchain network, said that he has launched a USDD decentralised stablecoin pegged to the US dollar at a ratio of 1:1 through the Tron DAO Reserve in cooperation with top blockchain institutions.
Tron, known as TRX, is for decentralising the web. The official website describes Tron as “one of the largest blockchain-based operating systems in the world,” led by Justin Sun- the Founder and CEO of TRON.
The USDD protocol runs on the TRON network with an initial total supply of 100 million. It has been launched on decentralised exchanges such as Sunswap, Sun.io, Curve, Uniswap, Ellipsis, Pancakeswap, and Kyberswap.
USDD is pegged to the U.S. dollar (USD) via TRX.
In addition, USDD connects the two blockchains of Ethereum and BNBChain through the BTTC cross-chain protocol and will be integrated into more blockchains in the future. At present, the circulating supply of USDD in these two blockchains is close to 20 million.
The Tron DAO Reserve will ensure the price stability and decentralization of USDD by collateralising the cryptocurrency with reserves and providing the liquidity needed to maintain business in significant financial offsets.
It also “aims to safeguard the entire blockchain industry and cryptocurrency market, prevent panic trading caused by the financial crisis, and alleviate a severe and prolonged economic downturn.”
That would help stabilise the exchange rate of the centralised and decentralised stablecoins that reside in the Tron blockchain protocol by setting risk-free interest rates and regulating the market by providing liquidity.
The launch of the USDD stablecoin will help promote the role of the Tron ecosystem in the development of stablecoins.
Image source: Shutterstock
Credit: Source link
