What is USDD?
USDD coin is a cryptocurrency issued by the TRON DAO Reserve that has a consistent value and multiple applications. Guaranteeing collateralization with popular digital currencies helps protect USDD price stability and solidifies its status as an effective means of payment. Furthermore, having a decentralized currency system with an unchanging cost will broaden cryptocurrency's possibilities, making it more accessible for both blockchain technology and the real-world economy to benefit from.
The USDD protocol is devoted to satisfying the requirements of customers for a reliable digital currency by allowing USDD to be used for electronic payments. To accomplish this, the USDD protocol is linked to the US Dollar, the most commonly utilized fiat currency in the world, to set up a steady, decentralized, and secure USDD-USD framework. The protocol aims to uncover the essence of currencies and bridge any difference between digital resources and their practical applications.
The TRON DAO Reserve has also included highly liquid digital assets like BTC, USDT, and TRX for extra collateralization in the protocol. The total value of collateralized assets is always far greater than the amount of USDD in circulation, with the current required minimum being set at 120%. Furthermore, all collateral resources are held on public blockchains and posted on the website of the TRON DAO Reserve for full visibility.
The TRON DAO Reserve is committed to upholding USDD price stability by responding to market conditions with a set of monetary strategies that are backed up by its own assets. This approach mirrors that taken by other central banks around the world, which also use monetary policies to ensure price stability for their respective currencies.
Use Cases of USDD
The USDD token is designed to give the blockchain industry a secure, open, immutable, and non-frozen system for stablecoins. It works across multiple blockchains like TRON, Ethereum, and BSC through the cross-chain technology BitTorrent Chain. Similarly to TRC20-USDT it offers users swiftness and affordability on TRON's network.
USDD coin is also planned to be used as an online form of payment, resulting in lower transaction costs. With the world becoming increasingly decentralized, USDD is expected to be incorporated into a greater number of dApps due to its strong tokenomics. The USDD protocol has the potential to give people more access to global financial services by leveraging blockchain technology on a wide scale.
Furthermore, holders of USDD can also stake their tokens on the platform to earn up to 30% APR.
You can find the live USDD price on the price chart featured above.
Who Founded USDD?
USDD was founded by Justin Sun in April 2022. Sun is a prominent business executive and entrepreneur who established TRON in 2017. He's also the CEO of BitTorrent, which is a file-sharing program. In 2017, he was listed on the Forbes 30 Under 30 list for Asia and China following his completion of a Master of Arts degree at the University of Pennsylvania four years prior. Since then, Sun has been an influential figure within the cryptocurrency sector.
On April 30th, 2022, the TRON DAO Reserve released 999 billion TRC-10-based USDD tokens and moved 1 billion of them to an approved multi-signature contract as the initial USDD reserves. The remaining 998 billion were placed in an issuance contract – a smart agreement based on the decentralized TRON network with a 5/7 decentralized institution control 10-day time lock.
If the amount of USDD reserved in the authorized contract falls below 500 million, then part of the USDD tokens from the issuance agreement will be authorized via 5/7 multi-signature by TRON DAO Reserve to top up its reserves. This is part of the measures to maintain USDD price stability.