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TRON DAO launches USDD alongside leading blockchain companies

TRON DAO launches USDD alongside leading blockchain companies, Crypto Trading News

TRON DAO launches USDD alongside leading blockchain companies, Crypto Trading News

May 5, 2022 – Geneva, Switzerland

SE Justin Sun, Founder of TRON announced the launch of USDD via TRON on Thursday, May 5th, 2022 DAO reserve announced. SunSwap, Uniswap, PancakeSwap and Ellipsis are among the first to list USDD. Initial total supply is 66,560,006.61 on TRON, 3,100,000 upwards Ethereum and 13,100,000.1 on BNB Chain via the BitTorrent Chain (BTTC) cross-chain protocol.

USDD circulates as a decentralized TRC token on the TRONBlockchain. The issuance and management of reserves are transparently monitored by the TRON DAO Reserve. The USDD is algorithmically pegged to the US Dollar to achieve the overarching goal of financial freedom for all. As a TRC-20 standard token, USDD can trade without a broker it solely depends on the TRON network.

The USDD’s freedom from the influence of any individual or organization enables it to pursue its purpose as a stablecoin easier to fulfill. Additionally, as a fast, low-fee crypto asset with a rich offering and expertise in cross-border transactions, USDD brings its holders the benefits of blockchain technology without the risk of uncertainty.

USDD was created to develop a modern decentralized financial system on the blockchain. The TRON DAO Reserve strives to protect the global blockchain industry and crypto market, prevent panic trading caused by extreme market volatility, and mitigate severe and long-term economic downturns. It ensures USDD price stability and decentralization by backing USDD issuance with its reserves, acting as early custodian of USDD and managing its permits.

By benchmarking interest rates and driving the market by providing liquidity, the TRON DAO Reserve aims to stabilize the exchange rates of centralized and decentralized stablecoins on TRON and other blockchains. It intends to formulate and implement monetary and exchange rate policies, play the role of lender of last resort for market participants, and maintain reserve assets of various blockchains and blockchain-powered financial institutions to mitigate systemic risk and contribute to blockchain stability as a whole.

Sun released two open letters last month regarding the plan to launch USDD and establish the TRON DAO reserve to serve as its early custodian.

TRON has experienced over 90 million on-chain users and more than three billion transactions after four years of growth in its ecosystem. Currently, the circulating supply of TRC-20 USDT surpassed that of ERC-20 USDT, making TRON one of the world’s largest stablecoin networks, with over $55 billion worth of financial assets, including on-chain stablecoins, and $4 cleared and cleared has trillions worth of transactions.

In December 2021, the TRON network was fully decentralized and restructured into the TRON DAO community probably the world’s largest decentralized autonomous organization (DAO) according to Forbes.

The USDD website is now live and historical token issuance records are posted here. The contract addresses on TRON, Ethereum and BNB Chain are live as of this publication.

About TRON DAO

TRON is dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications (DApps). Founded in September 2017 by SE Justin Sun, the TRON network has continued to deliver impressive results since the mainnet launch in May 2018. In July 2018, BitTorrent was also integrated into the ecosystem, a pioneer in decentralized Web 3.0 services with over 100 million monthly active users.

The TRON network has gained incredible traction in recent years. As of April 2022, it has a total of over 90 million user accounts on the blockchain, more than 3.1 billion total transactions, and a total value of over $8 billion (TVL). Additionally, TRON hosts the world’s largest circulating supply of USD Tether stablecoin, overtaking USDT Ethereum since April 2021.

The TRON network completed full decentralization in December 2021 and is now a community-managed DAO. 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 This marks TRON’s official entry into decentralized stablecoins.

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Anjali George, TRON

TRON DAO launches USDD alongside leading blockchain companies, Crypto Trading News

The contribution TRON DAO starts USDD together with Blockchain– Executives appeared first on The Daily Hodl.

Source: Crypto News Deutsch

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