Tron (TRX) Explodes 8% Despite Crypto Market Downturn Following News Of Launching Native Algorithmic Stablecoin Like Terra.
23 Apr 2022, 08:00
Tron (TRX) Explodes 8% Despite Crypto Market Downturn Following News Of Launching Native Algorithmic Stablecoin Like Terra
Tron’s native token TRX is leading the cryptocurrency market after staging an over 8% upsurge. The rally appears to have been fueled by news that TRON is exploring the creation of its own decentralized algorithmic stablecoin like Terra.
Tron To Build A $10 Billion Reserve For Its USDD StablecoinJustin Sun is not used to being overlooked nor is he elated when he feels that one of his pet projects is not getting enough spotlight. Sun, who is well-known for his bold marketing stunts and controversy, has recently grabbed the headlines after revealing that Tron wants to compete with Terra in the algorithmic stablecoin market.
Sun announced that the Tron DAO (basically the revamped Tron Foundation) will start issuing the USDD (Decentralized USD) stablecoin from May 5, 2022, in partnership with major blockchain industry players. The decentralized algorithmic stablecoin will be backed by Tron’s TRX token and will be accessible on Ethereum and BNB Chain (formerly Binance Smart Chain) via the BTTC cross-chain protocol.