Friday, June 9, 2023

TRON DAO Inaugurates USDD


On Thursday, May 5, TRON Founder H.E. Justin Sun announced the launch of USDD through the TRON DAO Reserve.

The earliest exchanges to list USDD were SunSwap, Uniswap, PancakeSwap, and Ellipsis. TRON’s initial total supply will be 66,560,006.61, while Ethereum’s will be 3,100,000. It is also 13,100,000.1 on BNB Chain using the BitTorrent Chain cross-chain mechanism (BTTC).

USDD a Decentralized TRC Token

On the TRON network, USDD is circulating as a decentralized TRC token. The TRON DAO Reserve publicly oversees the issuance and administration of reserves. Consequently, to achieve the main goal of financial independence for everyone, USDD algorithmically ties to the US dollar.

On the other hand, USDD is a TRC-20 standard token that can trade without the use of a broker and relies purely on the TRON network.

The USDD’s independence from any individual or group allows it to better perform its role as a stablecoin. USDD provides its holders with the benefits of blockchain technology without the hazards of uncertainty as a rapid, low-fee crypto asset with abundant supply and expertise in cross-border transactions.

Moreover, USDD founded with the goal of creating a contemporary decentralized financial system based on blockchain technology. The TRON DAO Reserve aims to protect the global blockchain and cryptocurrency markets. It mitigates severe and long-term economic downturns by preventing panic trading caused by significant market volatility.

By collateralizing USDD issuance with its reserves, it ensures price stability and decentralization. It manages USDD’s permissions and serves as its early custodian.

Stabilization of Exchange Rates

The TRON DAO Reserve intends to keep centralized and decentralized stablecoin exchange prices stable on TRON and other blockchains. This will accomplish through interest rate benchmarking and market guidance through liquidity provision.

Its goal is to design and implement monetary and exchange rate policies. It acts as a lender of last resort for market players and manages various blockchain reserve assets. In order to reduce systemic risks and contribute to overall market stability, there are also blockchain-powered financial institutions.

Last month, Sun sent out two open letters outlining his plans to launch USDD and establish the TRON DAO Reserve as its first custodian.

After four years of development, TRON’s ecosystem now boasts over 90 million on-chain users and over 3 billion transactions. TRC-20 USDT’s circulating supply has now surpassed that of ERC-20 USDT.

Furthermore, TRON became one of the largest stablecoin networks in the world, with over $55 billion in financial assets. This includes on-chain stablecoins, and $4 trillion in transactions have finalized and cleared.

The TRON network fully decentralized and rebuilt into the TRON DAO community in December 2021. Additionally, Forbes claims it is the world’s largest decentralized autonomous organization (DAO).

On the other hand, the USDD website is currently operational, with historical token issue data available. As of this writing, the TRON, Ethereum, and BNB Chain contract addresses are active.

Louis Honsa
Louis Honsa
Louis Honsa is an independent writer for Cryptoconstellation. He is a data analyst and trades NFT’s too. Louis enjoys cycling and working out in his free time.

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