A new stablecoin called USDD has been introduced by the creator of TRX in an official statement on Twitter this morning, making it the first decentralized stablecoin to be launched on the TRX network.
Launch of Decentralized USD
The Decentralized USD will be a joint venture between TRON Decentralized Autonomous Organization and other blockchain sector heavyweights. Mathematical and algorithmic power would be leveraged to create financial independence for all. A TRX Decentralized Autonomous Organization Reserve, described in yet another open letter by Sun, will be developed to guarantee the long-term growth of the USD.
TRC tokens will be used to distribute Decentralized USD at the beginning of the project. The USD reserve management will be transparently thanks to the TRX Decentralized Autonomous Organization Reserve, which will act as a decentralized trust fund.
People will not have to go to a single place to get their money back, handle it, or store it. Rather, it intends to establish complete decentralization on the blockchain. A new currency called the Decentralized USD will be based on the TRON underlying asset and made freely.
When the value of Decentralized USDD is less than one dollar, customers and arbitrage opportunities can submit one dollar to the network and obtain one dollar’s worth of Tron. When the price of Decentralized USD exceeds one dollar, customers and arbitrage opportunities can submit one dollar’s worth of Tron to the decentralized network and obtain one dollar’s worth of Decentralized USD. No matter how volatile the market is, effective algorithms and a decentralized system will maintain the Decentralized USD steady at 1:1 over the USD.
Decentralized monetary protocols with stable prices will broaden the range of applications for cryptocurrency and make it more widely available, with far-reaching repercussions for the blockchain industry and the financial sector.
A cryptocurrency called TRX has grown rapidly over the last four years. It now has more than 87M users and 3B transactions inside its environment. TRC-20 USDT has a circulatory volume of $41B, making it the world’s biggest stablecoin network. It makes TRX the greatest largest stablecoin network in the world.
Since its inception, it has handled more than $4T in transactions and has $55B in investments, notably stablecoins, on its blockchain. In December of last year, the TRX network became completely decentralized. The TRX Decentralized Autonomous Organization, the world’s biggest DAO, was formed due to this change.
During this time, Sun was appointed head as Grenada’s Ambassador to the WTO and Permanent Representative to the Organization for Economic Co-operation and Development. Sun has been aggressively promoting Grenada at many WTO sessions since then. Sun stated that he would vigorously encourage the merger of cryptos and sovereign states to develop a more safe, effective, and inclusive economic system throughout his term.
Sun also stated that he’d keep using his cryptocurrency expertise to help others respond to digitalization’s new issues in the post-pandemic period. USDD on TRX is a little step forward in developing TRX-based stablecoins but a great leap forward in humanity’s pursuit of financial independence.
Freedoms by Franklin Roosevelt
The 4 freedoms outlined by Franklin Roosevelt – freedom of expression, freedom of faith, freedom from need, and freedom from terror – should be available to all. They should also have the right to financial independence, wealth independence, and safeguard their property. Ultimately, the goal is to ensure that all people have equal access to economic products. Financial solutions, including water and oxygen, become a need in the future, available to individuals worldwide.
