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Cryptoknowmics 2022-04-22 06:29:56

Justin Sun Launches Algorithmic Stablecoin on TRON Blockchain

Tron founder Justin Sun announced that the blockchain network would be having its own native decentralized algorithmic stablecoin called USDD. On April 21, Sun wrote an open letter to the Tron DAO that the all-new stablecoin USDD (or Decentralized USD) is launching on the TRON blockchain, marking its official entry into the field of decentralized stablecoin. According to the open letter, the digital asset will be launched in partnership with “major blockchain players” and will be “the most decentralized stablecoin in human history”. Notably, the stablecoin won’t operate like traditional ones such as Tether (USDT) and Circle’s USD Coin (USDC), which keep dollars as backing. Instead, USDD will be an algorithmic stablecoin like TerraUSD (UST) and Frax Finance (FRAX). The USDD’s algorithm will ensure the stablecoin maintains its US dollar peg regardless of market conditions. The stablecoin will be available on TRON, but users can access it from Ethereum and the Binance Smart Chain.The post Justin Sun Launches Algorithmic Stablecoin on TRON Blockchain first appeared on Cryptoknowmics-Crypto News and Media Platform.The post Justin Sun Launches Algorithmic Stablecoin on TRON Blockchain appeared first on Cryptoknowmics-Crypto News and Media Platform.

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