May 2022 may be a date for a new decentralized stable coin entry by Tron founder Justin Sun.
Justin Sun is the founder of Tron network, a decentralized blockchain project on which the TRX coin operates as the native currency. Justin has involvement in many crypto coin projects like Just coin, Sun coin, BTT coin, Wink coin, and also in many crypto centralized and decentralized platforms.
On 21 April, Justin published his open letter to the crypto community that he is planning to launch the USDD coin, US dollar-pegged stable coin.
USDD stable coin, the value will be reserved in TRX coin to ensure the reserved funds behind the stable coin.
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Excerpt from the letter read:
“When USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX. When USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralized system and receive 1 USDD.”
Tron founder ensured that the algorithm of the stable coin will maintain the price of USDD against the US dollar, even under the huge critical situation of buy-sell.
He also added that Tron DAO will allow giving a 30% return on the stable coin holding. And also it will provide custody service for $10 billion in highly liquid assets.
Justin also said that USDD will come into existence on 5 May of this year and it will be available on leading blockchain networks like Ethereum and the BNB chain via the BTTC cross-chain protocol.
Few reports noted that the USDD stable coin idea came to mind of the tron founder because of the Terraform Labs’ UST coin, which is reserving funds in Luna, which also aimed to accumulate $10 billion worth of bitcoin, behind the UST coin.
Last year, Justin left the crypto industry for his other non-crypto-based works but his sudden new stablecoin launch plan is something shocking for the industry.
Read also: Canadian crypto investors score lower on questions testing financial literacy
Tron founder aims to launch decentralized stablecoin: USDD
https://bitcoinik.com/tron-founder-aims-to-launch-decentralized-stablecoin-usdd/feed/
https://bitcoinik.com/tron-founder-aims-to-launch-decentralized-stablecoin-usdd/feed/
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