TRON (TRX) Founder Justin Sun Announces Launch of New Stablecoin Backed by Crypto Assets
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TRON (TRX) CEO Justin Sun is announcing that a new decentralized stablecoin is launching on the smart contract platform.
Sun tells his 3.3 million Twitter subscribers that the TRON decentralized autonomous organization (DAO) has worked in conjunction with other prominent blockchains to launch stablecoin Decentralized USD (USDD).
According to an open letter penned by Sun, the launch of USDD is an attempt to decentralize the crypto industry’s most centralized sector.
“TRON DAO joined hands with major blockchain players to launch USDD (Decentralized USD), the most decentralized stablecoin in human history, making finance accessible to all by applying mathematics and algorithms.
As a result, it enjoys perpetual existence without relying on any centralized entities.”
TRON, a smart contract platform that hosts over $55 billion in financial assets including stablecoin Tether (USDT), is pooling all its resources together to create USDD, according to Sun.
“Four years into the launch of the TRON-based USDT, TRON has grown into the world’s largest stablecoin network, hosting more than $55 billion worth of financial assets…
Today, TRON is starting a self-imposed revolution, pooling all its resources to create USDD, a fully decentralized stablecoin underpinned by mathematics and algorithms, bringing the development of stablecoin to the next level.
By building the most efficient and affordable stablecoin network in the global DeFi ecosystem, TRON aims to usher stablecoins into the 3.0 era led by the TRON-based USDD.”
USDD is set to launch on May 5th and will also be available on Ethereum (ETH) and Binance Chain (BNB).
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Featured Image: Shutterstock/Yurchanka Siarhei/Andy Chipus
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