Justin Sun, the departed CEO of the Tron Foundation, declared today that the crypto industry is entering the Stablecoin 3.0 age. He also revealed that the TRON DAO wants to build the first decentralised algorithmic stablecoin USDD—Decentralized USD.
The stablecoin will launch on May 5, according to a tweet from the USDD network.
USSD network tweeted the following:
The 3.0 era
In the letter, Sun referenced the preceding Stablecoin 1.0 and Stablecoin 2.0 eras, which were represented by USDT and Tron, respectively, in the letter. Tron’s USDD will be the first stablecoin in the blockchain world’s 3.0 era.
Sun described the first Omni-based USDT as being based on the Bitcoin network, with slow and expensive transactions taking up to a half hour and costing up to $100 at times. Furthermore, the USD reserves that backed USDT were held in banks with which the emitters had collaborated.
Tron’s Decentralised USD
Sun has described the USDD, which Tron will launch and inject into circulation on May 5, as the most efficient stablecoin network in the DeFi system globally with the lowest costs. This would mark the start of the Stablecoin 3.0 era.
USDD will not use the services of any centralised financial institutions, according to Justin Sun. Stablecoin will be backed by TRX, Tron’s native coin. He affirms that the currency will be decentralised and that users will profit regardless of the price—even if USDD trades for less than $1.
Special algorithms will aid the protocol in maintaining USD stability against USD, regardless of volatility. The BTTC cross-chain protocol will allow USDD to be issued on Ethereum and BNB in addition to Tron.
Read more: Justin Sun is accused of insider trading and manipulating the crypto market
