On Friday, the Tron cryptocurrency outperformed due to plans for a decentralized algorithmic stablecoin. Tron’s TRX has gained 10% in the last 24 hours, according to CoinGecko pricing data. TRX is now the 24th most valuable cryptocurrency in terms of market capitalization.
While popular tokens such as Bitcoin, ether, and dogecoin were trading at a loss, the cryptocurrency outperformed. According to CoinGecko, the global crypto market’s value has dropped more than 2% in the last 24 hours to $1.98 trillion.
Justin Sun, the founder of the Tron network, announced the launch of USDD, a new decentralized algorithmic stablecoin.
“Tron will pool its resources to develop USDD, a fully decentralized algorithmic stablecoin.” “Sun wrote about it on his blog on Thursday.
USDD will be pegged to TRX and will be issued and available on Tron on May 5, he said, adding that it will also be available on Ethereum and the BNB Chain via the BTTC cross-chain protocol.
The USDD Network, according to Sun, will “provide custody service for the $10 [billion] worth of highly liquid assets raised from blockchain industry initiators and use them as an early-stage reserve.”
H.E. Justin Sun founded the TRON network in September 2017 with the goal of accelerating the decentralization of the Internet through blockchain technology and decentralized applications (DApps).
Do Kwon, who has led a group buying up Bitcoin chunks as reserves for the UST stablecoin, applauded Tron’s move, writing on Twitter that “decentralized economies deserve decentralized money.”” Both UST and Terra’s LUNA tokens have seen significant market capitalization gains as a result of the move to establish Bitcoin reserves.
To read our blog on “Coinbase and CoinMarketCap both show irregular cryptocurrency price behavior for a short time” click here.