Tron (TRX) founder Justin Sun is “launching a new algorithmic stablecoin called USDD, which he says will be the most decentralized stablecoin in history.”
He says the goal of the new project, fully called Decentralized USD, is an attempt to “decentralize the most centralized region of the blockchain world.”
Sun said that the stablecoin can be used on Ethereum (ETH) and BNB Chain in addition to Tron with the help of BitTorrent Chain’s (BTTC) cross-chain interoperability technology.
Sun has yet to specify which assets will support the new stablecoin, but he did signal that Bitcoin (BTC) could play a role. He said this would be “US$10 billion worth of highly liquid assets from the initiators of the blockchain industry.”
According to Sun, the new stablecoin will be released on Tron from May 5 this year, after which it will be issued to the other two blockchains.
Justin left Tron to pursue a career as a diplomat in the World Trade Organization (WTO). He has been followed by other members of the crypto community, with some stating that his project “impersonates Terra, but with more payoffs.”
Terra (LUNA) said in March of this year that it plans to purchase BTC to partially support its stablecoin UST, with a long-term goal of accumulating $10 billion worth of BTC. It’s no coincidence that Justin Sun’s new stablecoin is the same amount he plans to buy.
Also commenting on the news, Terra founder Do Kwon said that “decentralized economies deserve decentralized money,” adding that “every blockchain will soon be running on decentralized [stablecoins].”