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The founder of Tron plans to launch a stable digital currency “USDD” on the Tron network

The founder of Tron plans to launch a stable digital currency “USDD” on the Tron network

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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:Popular wallet hacked and over 200 Bitcoin ($800,000) stolen

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:What does Grayscale’s GBTC fund trading volume have to do with Bitcoin price?

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