TRON developers to launch USDD stablecoin
It will be backed by the native token TRX and $10 billion in highly liquid assets
25.04.2022 - 07:35
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What’s new? TRON founder Justin Sun has announced the launch of a new algorithmic stablecoin. USDD will be backed by the TRX token and the equivalent of $10 billion placed in highly liquid assets. The structure of these assets has not yet been disclosed. The launch date of USDD is May 5, 2022.
What else is known about USDD? The algorithm of the stablecoin will be similar to the model used by Terra’s UST. When the price of USDD falls below $1, users will be able to send 1 USDD to the system and receive an equivalent in TRX for that amount. In case the price of 1 USDD exceeds $1, it will be possible to convert TRX back to USDD. Justin Sun emphasized that the annual return on stablecoin will be at the level of 30%. In addition to the TRON blockchain, the asset will be available on networks such as Ethereum and BNB Chain.
What had happened before? In February 2022, the analysts at GFX Labs accused Justin Sun of manipulating the market. According to the community, he influenced the vote on the integration of TUSD into the Compound protocol.
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