Tron's USDD Stablecoin is Now Live, with over $100 Million Circulations
Tron has stated that it will keep $10 billion in Bitcoin and other cryptocurrencies as reserves for its USDD stablecoin.
TRX has reentered Coinmarketcap's top 20 digital assets after gaining 31% in the previous week.
The Tron network now supports USDD, a decentralized algorithmic stablecoin. The stablecoin is currently in use and can be found on Ethereum, Binance Smart Chain, and BitTorrent Chain.
The Tron Blockchain Now Has Over $100 Million in Circulation.
On the Tron blockchain, $103.64 million USDD has been issued, according to the stablecoin's issuance contract. This sum grows to $116,720,006. according to the Tron DAO reserve website. (The mismatch is because USDD is also issued on Ethereum, Binance Smart Chain, and BitTorrent Chain.)
Justin Sun intends to back the dollar with a $10 billion reserve.
Many crypto-twitter community members pointed out that Justin Sun was following in the footsteps of Do Kwon's TerraUSD when news of Tron developing its algorithmic stablecoin hit the internet in late April (UST).
Additionally, Justin Sun stated that he plans to back USDD with $10 billion in Bitcoin and other cryptocurrencies. His plan is identical to Terra's Do Kwon, who wants to increase UST's reserve to $10 billion.
