Justin Sun, the founder of the Tron blockchain project, recently introduced a new stablecoin product called USDD. The algorithmic stablecoin project will be pegged to the value of the Tron native token called TRX. Sun has introduced stablecoin as a decentralized project of Tron. Sun is the former CEO of Tron blockchain, who is also famous for his involvement with BitTorrent.
He is now serving as a goodwill ambassador of Grenada for the World Trade Organization. He recently announced the new stablecoin project in a new blog post. The former tech entrepreneur explained that the stablecoin would be listed under the ticker USDD. After the pilot phase, USDD will also be available at Ethereum and BSC.
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Price Value of Algorithmic Stablecoin will Remain Stable
In a new web post, Sun explained that the USDD token would integrate BTTC cross-chain protocol to enable interoperability with BSC and Ethereum blockchain ecosystems.
He further added that any centralized financial enterprises are not going to be involved in procurement, storage, or management process for USDD. As per his remarks, USDD stablecoin is going to be wholly decentralized.
USDD per unit price is going to remain at $1. The users who hold USDD can send the token back to the Tron blockchain if its price falls below 1$ and receive the $1 TRX token in return. On the other hand, when the USDD price starts to increase from 1$, users can exchange $1 TRX token and gain 1 USDD token back. In line with this mechanism, the price of the USDD token is going to remain stable at $1 regardless of the money devaluation of the paperback.
Justin Sun has shared his roadmap for taking the Tron project to the next level. The 4 top agendas on his roadmap are space, ISS, moon, and Mars exploration financing. Sun also plans to support the USDD project through the DAO reserves of TRON. TRON DAO is planning to generate a $10 billion reserve through the contributions of blockchain industry innovators.
Sun is following in the footsteps of Terra CEO and founder Do Kwon. Kwon also has plans to back this stablecoin UST with $10 billion Bitcoin reserves and some other cryptocurrencies like the AVAX token. Sun also claimed that he wishes to extend financial literacy to the poorest people around the world who do not have access to basic human necessities like clean water.