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TRON DAO Launches USDD on Multichain DEX, Deploys $2 Billion to Protect TRX

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TRON DAO Launches USDD on Multichain DEX, Deploys $2 Billion to Protect TRX

Following the highly-anticipated launch of TRON’s algorithmic stablecoin, called “Decentralized USD” or USDD, the Tron DAO has deployed $2 billion to protect Tron’s ecosystem token, TRX.

Tron Launches USDD on Multichain DEX

On May 11, the Tron DAO announced that its own USDD stablecoin had been launched on Multichain DEX (formerly AnySwap) alongside PancakeSwap, Uniswap, Ellipsis, and sunSwap, the first to have listed stablecoin.

The availability of USDD on Multichain DEX means that users can now bridge the stablecoin among the BitTorrent, Ethereum, Fantom, and Avalanche platforms arbitrarily through Multichain services.

Tron DAO Deploys $2 Billion to Protect TRX

Tron’s algorithmic stablecoin, USDD, was expected to major Terra’s UST competitor. However, with the UST losing its peg, causing LUNA to flatten out and sending a shock wave through the entire crypto market, Tron DAO is taking preventive measures.

To protect Tron (TRX) and the self-labeled “Terra destroyer,” the TRON DAO Reserve plans to allocate $2 billion to fight potential attacks against TRX.

Justin Sun, the founder of Tron (TRX), earlier outlined a potential threat to the USDD on Binance. However, he noted that the threat was over in a subsequent tweet, and the USDD has remained “very stable.”

On The Flipside

  • Algorithmic stablecoins have come under intense scrutiny after UST lost its peg, crippling LUNA, and the broader crypto market.

Why You Should Care

With the attack on Terra’s UST successful, the move from TRON DAO to protect its USDD, the next algorithmic stablecoin, which is fast gaining traction, becomes essential.

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Cryptocurrency

Analysts assess the aftermath of the Terra (LUNA) collapse | Cointelegraph interview

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Analysts assess the aftermath of the Terra (LUNA) collapse | Cointelegraph interview

Financial commentator Frances Coppola is convinced that algorithmic stablecoins such as TerraUSD (UST) will always be vulnerable to sudden collapses, no matter how much the technology improves.

“They can improve their game theory, they can improve their risk assessment, but I think there will still always be some states of the world that they won’t have thought of,” pointed out Coppola in a discussion with Mike McGlone, senior commodity strategist at Bloomberg.

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Cryptocurrency

Russia will inevitably legalize crypto payments says trade minister

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Russia will inevitably legalize crypto payments says trade minister

Russia will legalize crypto payments “sooner or later” according to the Ministry of Industry and Trade of the Russian Federation, Denis Manturov.

The country’s government has been exploring various crypto adoption plays throughout 2022, but is yet to finalize any concrete policy concerning digital asset payments. However, its legalization has been recommended by Russia’s finance ministry via its “On Digital Currency” bill from April.

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Cryptocurrency

‘Grim Reapers’ financial crimes unit revived to investigate Terra collapse

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‘Grim Reapers’ financial crimes unit revived to investigate Terra collapse

Legal troubles are mounting for the co-founder of failed Terra crypto project Do Kwon as the South Korean government revives the dormant “Grim Reapers of Yeoui-do” to investigate Terra’s fall.

The special investigative and prosecutorial team consists of members from various financial regulators, and is designed to prosecute securities fraud and unfair trading schemes. Potentially at risk are co-founders Do Kwon and Shin Hyun-seong, along with core members of the Terra team. Yeoui-do is the financial center of Seoul.

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