What happened
On a day when many cryptocurrencies are rising moderately, Tronix (TRX -0.03%) is shooting sharply higher. Tronix is the official cryptocurrency of the TRON network, a blockchain-based operating system trying to establish a decentralized internet and infrastructure. Justin Sun, the founder of TRON, announced today the launch of a new stablecoin, USDD (for Decentralized USD), on the TRON blockchain.
As of 10:31 a.m. ET on Thursday, Tronix is up 16% over the past 24 hours.
So what
USDD will be independent of centralized institutions for redemption, management, and storage. It will be pegged to Tronix and will be issued in a decentralized manner. According to the press release announcing the launch of the new stablecoin, "the USDD protocol will keep USDD stable at 1:1 against the U.S. dollar via proper algorithms in a decentralized manner."
Image source: Getty Images.
In the four years since its inception, TRON has achieved significant growth; its ecosystem includes 87 million on-chain users and 3 billion transactions to date. In late 2021, the TRON network achieved full decentralization and was restructured into the TRON decentralized autonomous organization (DAO). Those who manage the network proclaim it the world's largest DAO.
Now what
Tronix, a stable penny cryptocurrency, is a token to watch for those who are looking for alternatives to more-common crypto names. Investors today are surely recognizing the launch of USDD as further validation of the TRON network, believing that it could achieve further adoption and help Tronix soar in value.
