TRON Joins Stablecoin Wars Will Launch USDD With 30% APY, Here Is When

Founder of TRON Justin Sun announced the launch of an algorithm stablecoin on this network. Called USDD, the digital asset will be deployed on May 5, 2022, and will offer users a basic “risk-free” interest rate of 30% annual percentage yield (APY). Related Reading | TA: Bitcoin Technicals Suggest Bulls Aim Sharp Move Above $42K The stablecoin will be available on TRON, but users can access it from Ethereum and the Binance Smart Chain. According to the open letter, the digital asset will be launched in partnership with “major blockchain players” and will be “the most decentralized stablecoin in human history”. Sun said: TRON is starting a self-imposed revolution, pooling all its resources to create USDD, a fully decentralized stablecoin underpinned by mathematics and algorithms, bringing the development of stablecoin to the next level. The stablecoin will be managed by the TRON DAO and “other major blockchain institutions” and will maintain a 1:1 pegged to the U.S. dollar with, as Sun explained, “proper algorithms in a decentralized manner” and “by applying mathematics”. The stablecoin will operate with a similar mechanism to Terra’s UST. Users will be able to redeem 1 USDD for 1 USD worth of TRX when the stablecoin drops below its peg. They can do the opposite if the price of the stablecoin rises about its $1 pegged. The stablecoin will follow a four-stage roadmap. The first stage will be called Space, the following Inter...