Tron founder Justin Sun announced that upgrading the USDD stablecoin will be the network’s “top priority” in the final quarter of this year. Justin Sun plans to leverage the strong financial position of native cryptocurrency TRX, which has a market value of $16 billion.
Tron founder Justin Sun recently announced upgrading the USDD stablecoin as a major priority for the final quarter of this year. The stablecoin was launched in 2022 and was issued as a TRC token on the Tron network. The TRC token is a key part of the blockchain that runs on a smart contract network and controls a cumulative market capitalization of over $1 billion.
Since its founding in 2017, Tron has established a significant presence in the cryptocurrency ecosystem, transitioning from the Ethereum blockchain to its blockchain and reinventing itself as a decentralized application network building a decentralized internet.
Justin Sun announced on X that Tron plans to strengthen its stablecoin USDD by the end of this year. A stablecoin like USDD is a type of cryptocurrency that is designed to maintain a stable value and is often tied to an asset such as the US dollar. As part of his plan, USDD will be recognized as the top stablecoin in the decentralized finance (DeFi) market.
Tron’s top priority in the fourth quarter is to upgrade USDD to establish itself as the definitive decentralized stablecoin in the cryptocurrency market. To achieve this, we are planning several powerful initiatives.
Since its initial launch, Tron’s market capitalization and liquidity depth have increased significantly.
— He, Justin Sun🌞 (currently hiring) (@justinsuntron) October 27, 2024
To achieve this, Tron leverages the strong financial position of its native cryptocurrency TRX, which has a market value of $14 billion and high liquidity of over $200 million. These financial resources help maintain USDD stability and ensure sufficient support for users. Therefore, the planned upgrade aims to make USDD a more reliable and prominent option in the stablecoin market.
Sun wants to build user trust by providing full visibility into how rewards accounts operate and by setting specific rules for when and how USDD can be issued. This transparency means users can better understand and have confidence in the value and stability of their stablecoins.
Bitcoin likely to be added to USDD collateral mix
Sun said that TRON may use Bitcoin (BTC) as collateral for USDD in the future, meaning that Bitcoin will help back up the value of USDD. Since Bitcoin is a well-established asset, this could make USDD more stable and reliable. For now, USDT will be the main way users can exchange to USDD. USDT is issued by Tether Limited, a Hong Kong-based company founded in 2014, and as of 2024, USDT remains the most widely used stablecoin in the world, with a market capitalization of 1,100 It’s over a billion dollars.
By making these improvements, Tron hopes to strengthen the reputation and usage of USDD in DeFi. The ultimate goal is to make financial services universally available, similar to basic needs such as water and air. Sun envisions a world where financial tools like stablecoins are available to everyone as a human right.
Impact of Tron on the virtual currency market
The founder recently claimed to the Tron community that TRX is a key factor contributing to the Tron meme coin. According to him, the token is now on the verge of surpassing its previous high level. He also argued that broader market trends are also supporting TRON’s second wave of growth.
I believe that the Tron meme coin is about to experience a second wave of growth. With continued construction and community development, Tron has steadily progressed. If TRX breaks through its all-time highs, Tron meme coin FOMO won’t be too far away. https://t.co/ksa5GsznMv
— He, Justin Sun🌞 (currently hiring) (@justinsuntron) October 25, 2024
Currently, Tron is trying to break through a key resistance point at $0.1690, which is the highest price this year. TRX trading volume increased by 2.49% in the past 24 hours. As a result, the circulating supply amount was 86.49 billion units. According to our data, TRON price decreased by 1.01% to $0.1638 in the past 24 hours.
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