Tron Founder Announces The Launch Of New Stablecoin

On Friday, Tron price surged after founder Justin Sun announced plans to launch a new stablecoin based on the blockchain. The token will be called USDD, a decentralized token.

In the last 24 hours, TRX gained 10%, reaching a three-week high of $0.074. While other altcoins followed Bitcoin’s lead lower, TRX stands out from this sentiment. 

The leading Cryptocurrency, Bitcoin is trading at around $40,700, down by 2% in the last 24 hours. The overall Crypto market cap stands at $1.89 trillion, down 1.5% in the past 24 hours.

Justin Sun announced the launch of a new decentralized dollar stablecoin USDD, claiming that the project will be in collaboration with some “major blockchain players”.

The founder of Tron aims to raise $10 billion worth of liquid assets within the next year. The funds will be used to maintain USDD’s dollar peg amid uncertain market conditions. The mechanics are somewhat similar to those of Terra’s UST. The total market cap of the biggest stablecoin USDT is over $83 billion.

The new stablecoin USDD price will be influenced by TRON’s native currency, TRX. It will be accessible on BNB and Ethereum (ETH) chains. Also, it is scheduled for circulation from May 5, 2022.

Amid the current market correction, the news has worked for the TRX token. Currently, TRX is trading at an average price of $0.068. The token’s 24-hour trading volume has soared by 300%. The total market capitalization of TRX stands at $6.9 billion. However, it is still down by 77% from its all-time high of $0.3.

As the news came out, there was a rise in whale TRX transactions. Two whales moved around $123M worth of 1.69 billion TRX tokens between anonymous wallets.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.