Blockchain

TRON Announces Plans To Issue an Algorithmic Stablecoin ‘USDD’

This announcement comes from the same network that hosts Tethers’ USDT stablecoin.

Blockchain

TRON Announces Plans To Issue an Algorithmic Stablecoin ‘USDD’

This announcement comes from the same network that hosts Tethers’ USDT stablecoin.

In an open letter the founder of TRON DAO, H.E. Justin Sun announced that TRON will be launching a new algorithmic stablecoin under the name of USDD (US Dollar Decentralized.) This announcement marks the network’s official entry into the field of decentralized stablecoins.

The TRON network has seen great success in its partnership with Tether’s USDT which launched on their network back in 2019 and saw over $4 trillion USD in transactions. This stablecoin like the new USDD utilizes the TRON networks’ TRC-20 token in order to function on their specific blockchain, for example, cryptocurencies on the Ethereum blockchain network use “ERC-20.”Simply put, this allows the currencies/tokens to interact with different smart contracts like decentralized apps (DAPPs), decentralized exchanges (DEXs), and more — all while pegged to USD allowing users to interact without having to swap their cryptocurrency for fiat.

What makes USDD different from USDT is the fact that it is completely decentralized, this means that it will not rely on any centralized institutions for redemption, management, or storage. USDD will instead achieve full on-chain decentralization by being pegged to the network’s underlying asset, Tronix (TRX).

In the last four years, TRON has seen over 87 million on-chain users and has had over 3 billion transactions made inside its ecosystem. TRON currently stands as the world’s largest stablecoin network with a circulating supply of its TRC-20 USDT at $41 billion USD, outpacing even ERC-20 USDT. The decentralized autonomous organization (DAO) boasts over $55 billion USD worth of financial assets and has also announced that it will create a reserve of $10 billion USD in support of the newly announced USDD token.

Sun ends the open letter by saying “People should enjoy more than the four freedoms that Franklin Roosevelt once proposed – freedom of speech, freedom of worship, freedom from want, and freedom from fear. They should also be entitled to freedom of finance, freedom of wealth, and freedom to protect their private properties.”

Elsewhere in Web3, NFT collections have doubled in creation this year and trading volume exceeds $54 billion USD.

You may also like

Could Large Venture Capital Involvement Be an Issue for Aptos?
Blockchain

Could Large Venture Capital Involvement Be an Issue for Aptos?

As the newly launched layer-1 chain gains momentum and plans to launch an NFT.
FBI Issues an Alert Over Decentralized Finance Platforms
Cryptocurrency

FBI Issues an Alert Over Decentralized Finance Platforms

Stating that over 97% of crypto hacks have come from related DeFi platforms, according to data from Chainalysis.
Trump's “Major Announcement” Revealed To Be an NFT Project
NFT

Trump's “Major Announcement” Revealed To Be an NFT Project

Receiving a wide variety of mixed feedback from both the political realm and Web3 world.
Robinhood Lists USDC As Its First Stablecoin on the Platform
Cryptocurrency

Robinhood Lists USDC As Its First Stablecoin on the Platform

Also at the intersects of stocks and crypto, MicroStrategy sees a decline in share price after a $6M USD Bitcoin purchase.
More ▾