Place/Date: Geneva, Switzerland - May 5th, 2022 at 12:16 pm UTC · 4 min read
Contact: Anjali George, Source: TRON DAO
H.E. Justin Sun, Founder of TRON, has announced the launch of USDD through the TRON DAO Reserve on Thursday, May 5. SunSwap, Uniswap, PancakeSwap and Ellipsis, are among the first to have listed USDD. The initial total supply will be 66,560,006.61 on TRON, 3,100,000 on Ethereum, and 13,100,000.1 on BNB Chain through the cross-chain protocol BitTorrent Chain (BTTC).
USDD is circulating as a decentralized TRC token on the TRON blockchain. The issuance and administration of reserves are overseen by the TRON DAO Reserve transparently. USDD is algorithmically pegged to the U.S. dollar to achieve the overarching goal of financial freedom for everyone. As a TRC-20 standard token, USDD can trade without brokers; it depends solely on the TRON network.
USDD’s freedom from the influence of any individual or organization allows it to serve its purpose as a stablecoin with greater ease. Moreover, as a fast, low-fee crypto asset with an ample supply and competence in cross-border transactions, USDD brings its holders the benefits of blockchain technology without the risks of uncertainty.
USDD was created to develop a modern decentralized financial system on the blockchain. The TRON DAO Reserve strives to safeguard 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’s price stability and decentralization by collateralizing the USDD issuance with its reserves, acting as USDD’s early custodian and managing its permissions.
By benchmarking interest rates and guiding the market through liquidity provision, 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 a lender of last resort to market participants, and maintain reserve assets of various blockchains and blockchain-powered financial institutions in order to minimize systemic risks and contribute to the stability of the overall market.
Sun issued two open letters last month regarding the plan for launching USDD and establishing the TRON DAO Reserve to serve as its early custodian.
TRON has witnessed over 90 million on-chain users and more than 3 billion transactions after four years of growth in its ecosystem. Currently, the circulating supply of TRC-20 USDT has exceeded that of ERC-20 USDT, making TRON one of the world’s largest stablecoin networks, boasting over $55 billion worth of financial assets, including on-chain stablecoins, and has settled and cleared $4 trillion worth of transactions.
In December 2021, the TRON network became fully decentralized and restructured into the TRON DAO community, likely the world’s largest decentralized autonomous organization (DAO) according to Forbes.
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network continues to deliver impressive achievements since the MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of April 2022, it has over 90 million total user accounts on the blockchain, more than 3.1 billion total transactions, and over $8 billion in total value locked (TVL). In addition, TRON hosts the largest circulating supply of USD Tether stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most 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, marking TRON’s official entry into decentralized stablecoins.