Tron’s native token TRX has surged more than 7% following the launch of a new algorithmic stablecoin for the network called USDD. With this, Tron has stepped into the world of algorithmic stablecoins. At the time of writing this article, Tron (TRX) was up by 7.18% in the last 24-hours. It was trading at $0.068.
Algorithmic stablecoins are backed by cryptocurrencies. They rarely have a centralized entity overseeing their health. Justin Sun, the founder of Tron, said the USDD Network will provide custody service for the $10 billion worth of highly liquid assets. In an official blog post, Justin Sun highlighted that TRON DAO joined hands with major blockchain players for the launch of the algorithmic stablecoin.
USDD is the most decentralized stablecoin in human history. It makes finances accessible to all by applying mathematics and algorithms. The stablecoin enjoys perpetual existence without relying on any centralized entities. USDD has evolved from the stablecoin 1.0 and 2.0 eras represented by Omni-based and TRON-based USDTs. The algorithmic stablecoin is leading a movement into the Stablecoin 3.0 era.
Justin Sun pointed out that USDT is issued on the TRON blockchain. It has an independent decentralized settlement layer. The time for stablecoin transfer has been reduced from 30 minutes to less than a second. Moreover, the handling fee is now a few cents from $100. The Tron boss stated that the number of daily transactions is now more than 10 million, with the total value of transactions processed per day reaching the high of $10 million.
Since its launch in 2019, TRON has processed more than $4 trillion of USDT transactions.