The Tron blockchain’s plans for a decentralised reserve appear to be attracting the attention of several major players in the cryptocurrency industry.
USDD, Tron’s algorithmic stablecoin, went live earlier this week. The blockchain’s proposed decentralised reserve, estimated at $10 billion, is expected to assist USDD maintain its 1:1 peg to the US dollar.
Tron founder Justin Sun announced an ambitious, if hazy, plan to create and sustain the stablecoin last month. Sun further said that the stablecoin would provide a remarkable 30 percent yearly income, which is far more than any traditional token in the DeFi industry.
The fact that Tron will work with multiple big blockchain participants to construct the reserve was a critical part of Sun’s announcement. So far, three have been discovered by the study.
Alameda, a crypto trader formed by FTX CEO Sam Bankman-Fried, became the Tron reserve’s first whitelisted institution. The Tron project announced the change on its official Twitter account.
Tron announced that Singapore-based crypto unicorn Amber Group is the reserve’s second whitelisted institution. Amber is apparently looking to more than treble its worth to $10 billion, with government fund Temasek among its investors. The acquisition would vault it into the ranks of the most valuable cryptocurrency firms.
Poloniex, a cryptocurrency exchange, is the third main supporter of the USDD reserve. Tron is a significant investor in the cryptocurrency exchange, which was purchased and spun off by stablecoin operator Circle in 2019.
It was unclear what financial role the whitelisted firms would have in the upcoming reserve.
