TRON CEO Justin Sun Announces Launch Of Own Stablecoin, TRX Price Goes Up!

The price of the TRX cryptocurrency rose due to CEO Justin Sun's announcement. (photo: Cryptototem)

JAKARTA – TRON (TRX) recently announced the launch of the USDD stablecoin that will be backed by crypto assets. This was conveyed directly by the CEO of TRON, Justin Sun, in a Twitter post.

Sun told its 3.3 million Twitter subscribers that decentralized autonomous organization (DAO) TRON has teamed up with another leading blockchain to launch the Decentralized USD (USDD) stablecoin.

According to an open letter written by Sun, the launch of USDD is an attempt to decentralize the most centralized sector of the crypto industry.

“TRON DAO joined hands with major blockchain players to launch USDD (Decentralized USD), the most decentralized stablecoin in human history, making finance accessible to everyone by applying math and algorithms” said Sun.

“As a result, it enjoys an eternal existence without being dependent on any centralized entity,” he added.

TRON, a smart contract platform that houses more than USD 55 billion in financial assets including stablecoin Tether (USDT), pooled all its resources to create USDD.

“Four years after the launch of TRON-based USDT, TRON has grown to become the world's largest stablecoin network, hosting more than US$55 billion worth of financial assets…” concluded the TRON CEO.

Later, TRON's USDD stablecoin will be fully decentralized. Sun will take stablecoins to the next level. By building the most efficient and affordable stablecoin network in the global DeFi ecosystem, TRON aims to usher in stablecoins into the TRON-based USDD-led 3.0 era.

USDD will launch on May 5th and will also be available on Ethereum (ETH) and Binance Chain (BNB). Responding to this announcement, the price of TRX immediately skyrocketed 17 percent. However, at the time of writing, the price of TRX has returned to the level of IDR 975.