Tron’s new algorithmic stablecoin USDD goes live By RyanJamesWeeks
Tron’s new algorithmic stablecoin follows on from the success of Terra’s UST, which has topped $18 billion total issuance.Tron’s new algorithmic stablecoin USDD has officially gone live on the blockchain, according to a spokesperson for the company.
In an interview, Tron founder Justin Sun told The Block that he sees USDD as becoming “just like bitcoin” — except that its price, in theory, will be aligned with that of the US dollar. Both he and Terra founder Do Kwon have spoken of their desire to build stablecoins that are“We need to make the stablecoin in the industry just as decentralized as bitcoin, so no one can touch it,” Sun said. “I believe in the next five to 10 years, crypto will be settled by decentralized stablecoins.
It will also oversee an effort to amass $10 billion in bitcoin and other decentralized cryptocurrencies for the proposed reserve. Sun likened the DAO to the Luna Foundation Guard, a Terra-boosting non-profit based in Singapore thatfor a reserve through a sale of LUNA in February. The idea is that these reserves will step in to help preserve their respective stablecoins’ pegs, should a sudden crypto market slump cause the algorithmic method to fail.
Sun said Tron would collaborate with institutional investors — mainly crypto exchanges and venture capitalists — to get USDD’s reserve off the ground, although he did not name them. Tron DAO will also contribute TRX, bitcoin, ether and some established stablecoins to the reserve, he added.
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