Tron’s Justin Sun Reveals Decentralized Algorithmic Stablecoin USDD
On April 21, Justin Sun, the founder of Tron, announced the launch of a decentralized algorithmic stablecoin called USDD. Sun said on Thursday that the USDD Network will “provide custody service for the $10 [billion] worth of highly liquid assets raised from blockchain industry initiators and use them as an early-stage reserve.” Tron to Launch a Native Stablecoin Called USDD Justin Sun from the Tron network has revealed a new stablecoin issued on top of the blockchain Tron. The announcement was also published on hejustinsun.com in a blog post called “An Open Letter on....
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After the Terra UST fallout and the current crypto market volatility, many eyes have been focused on the Tron-based algorithmic stablecoin USDD. On June 13, the crypto asset tron (TRX) dropped significantly in value and Tron’s founder Justin Sun spoke about traders shorting the digital currency. Sun explained that the Tron DAO Reserve would deploy $2 billion to “fight them” and said he didn’t think the shorters could last 24 hours. Furthermore, the stablecoin USDD took a small dive on Monday, dropping to $0.977 per unit during the crypto market carnage.
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Wallets associated with Sam Bankman-Fried’s Alameda Research could be behind the dollar depeg, alleges Tron’s founder. In April 2022, the Tron network launched USDD, a token pegged to the United States dollar as an “over-collateralized stablecoin,” meaning its likelihood of slipping below $1 should be lower due to excessive reserves backing its valuation.USDD stablecoin slips below $1 pegBut it was not enough to keep USDD’s price anchored to $1 on Nov. 8 when some whales dumped over 11 million USDD tokens to seek exposure in rival stablecoins Tether (USDT) and USD Coin (USDC). A day later,....
On May 5, Tron’s algorithmic stablecoin USDD went live and so far, the fiat-pegged token has been listed on a number of decentralized finance (defi) protocols. Two days later, the Tron DAO Reserve announced it purchased 504.6 million tron (TRX) to back the algorithmic stablecoin, as the project aims to leverage a decentralized forex reserve similar to Terra’s UST reserves. Tron DAO Reserve and Justin Sun Reveal a $38 Million TRX Purchase Terra’s UST reserve system is becoming a popular scheme, and Tron’s USDD stablecoin project is following the pattern.....
Tron price momentum faded over the weekend, and the price has dropped by more than 40% since then. The cryptocurrency is presently having difficulty gaining traction. Tron Falls AS USDD Depegs TRX has dropped 19% and is now trading at $0.05, its lowest level in 15 months. In the last 24 hours, the token has also been the worst performer among the top 50 cryptocurrencies. The token’s weakness follows the loss of the USDD algorithmic stablecoin’s dollar peg, despite founder Justin Sun’s repeated efforts to keep the peg. In the last 24 hours, the token’s entire market....
According to Wu Blockchain, the TRON network has seen a hike in its total value locked (TVL) over the past 30-days. This increase seems to be related to the launch of this network’s native algorithmic stablecoin USDD. Related Reading | Tether CTO Says, USDT-Dollar Remains Strong Amid Stablecoin Crises As reported by NewsBTC a month ago, TRON’s founder Justin Sun announced the deployment of USDD for May 5, 2022. This digital asset operates similarly to LUNA CLASSIC network’s Anchor Protocol. USDD allows users to earn a 30% annual percentage yield (APY) for staking it on the JustLend....