On May 5, the TRON network released and put into circulation the algorithmic stablecoin USDD. The asset is also available on Ethereum and BNB Chain via the cross-chain protocol BTTC.
🔥 USDD on #TRON has been issued today and entered into circulation. It is available on #Ethereum and #BNBChain through the BTTC cross-chain protocol.
📑 Check out the Cross-Chain Tutorial to learn how to move your #USDD across the chain 👇 https://t.co/hqZzzwfFM2
— USDD (@usddio) May 5, 2022
The TRON team announced the launch of the stablecoin in late April. The token is backed by the network’s native TRX token and, reportedly, by liquid assets worth $10 billion.
Earlier, founder stated that the stablecoin’s governing body, TRON DAO Reserve, would set for the asset a “risk-free” annual yield of 30%.
Against this backdrop, TRON announced that the total value locked (TVL) across DeFi projects on the network had reached a record high of more than $10 billion.
🚀Total Value Locked(TVL) in #TRON #DeFi reached $10,058,602,825 on May 5 & hit another record!💪 #TVL pic.twitter.com/jo1OXJbl0Y
— TRONSCAN (@TRONSCAN_ORG) May 5, 2022
According to DeFi Llama data, the network’s TVL stands at $4.8 billion, having fallen by nearly 11% over the past 24 hours. The dominant lending protocol JustLend accounts for about 40%.
At the time of writing, TRX price had risen 11.8% in the last 24 hours to $0.086. Over the week the token gained 24%, though it trades roughly 63% below its January 2018 all-time high.
Earlier in December 2021, Justin Sun left the TRON Foundation to take up the post of Grenada’s representative to the WTO, but said this did not signify his departure from the project.