TRON developers to launch USDD stablecoin
It will be backed by the native token TRX and $10 billion in highly liquid assets
![TRON developers to launch USDD stablecoin](https://storage.getblock.net/source/1/vJXzS9UsPOGPJxBgakJuVJdsFIAYlHcw.webp)
25.04.2022 - 07:35
325
2 min
0
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024