The TRON (TRX) blockchain has launched its algorithmic stablecoin called USDD, promising it to be the most decentralized stablecoin ever.
// Veny West For Newsbreak
What is a stablecoin?
It is a cryptocurrency created to keep its value stable in the face of market volatility, reducing the financial risk to its holders.
USDD was created to develop a modern decentralized financial system on the blockchain. The stablecoin has also been issued on the Ethereum network, Binance Smart Chain, and BitTorrent Chain. The launch of USDD saw TRX enter the Top 17 on CoinMarketCap, after it gained just over 31% during the current week.
About TRON DAO
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network continues to deliver impressive achievements since the MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of April 2022, it has over 90 million total user accounts on the blockchain, more than 3.1 billion total transactions, and over $8 billion in total value locked (TVL). In addition, TRON hosts the largest circulating supply of USD Tether stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently, the algorithmic stablecoin USDD was announced on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.
Disclaimer: The information provided in this section does not represent investment advice.
Source: Anjali George/ Press Release TRON DAO, CoinMarketCap, EWN
This news is republished from another source. You can check the original article here