The founder of Tron plans to launch a stable digital currency “USDD” on the Tron network
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer The founder of Tron plans to launch a stable digital currency “USDD” on the Tron network
Tron founder Justin Sun has announced plans to launch a stablecoin based on a decentralized algorithm called “USDD” on the Tron blockchain.
in Tabuk On Thursday (April 21, 2022), Sun revealed that the USDD will be a fully decentralized stablecoin powered by mathematics and algorithms.
According to the founder of Tron, the USDD will not rely on any central entity for storage, retrieval or management, but will be issued in a decentralized manner and will be pegged to Tron’s native currency TRX.
As an excerpt from the message:
When the price of USDD is less than 1 USD, users and reviewers can send 1 USD to the system and get 1 USD from TRX.
Read:Crypto Market Still Calm Despite $4 Billion Bitcoin and Ethereum Options Expiry
When the price of USDD is above 1 USD, users and reviewers can send 1 USD of TRX to the decentralized system and get 1 USD.
Sun added that the stablecoin algorithm will maintain its stability against the US dollar despite market volatility.
In addition, Sun’s letter indicated that the TRON DAO reserve will offer a risk-free interest rate of 30% per annum and will also provide a custody service of $10 billion of highly liquid assets.
The fund, which will be raised from the initiators of the blockchain industry, will act as a reserve to maintain the stability of the digital stablecoin USDD.
Although it was not mentioned what assets the cryptocurrency will adopt, the plan looks similar to that of Do Kwon, co-founder and CEO of Terraform Labs, who is looking to buy $10 billion worth of bitcoin as a reserve for the UST stablecoin.
Meanwhile, Sun announced that the TRON-based USDD is expected to be issued for trading starting May 5, 2022.
The decentralized stablecoin will be available on the Ethereum and Binance blockchain via the BTTC protocol.
Read:Ripple’s lawyer stated: After Ripple, the SEC will go to cryptocurrency exchanges
Read also:
Binance recovers $5.8 million from “Axie Inifity” hackers, according to the company’s CEO
An important and essential update for Project Monero in May 2022…Details here
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time