TRON ($TRX) is a $6.35 billion cryptocurrency launched by Justin Sun in 2017, ahead of many other popular cryptocurrencies.
The TRON blockchain runs on the Proof-of-Stake protocol. The value of the TRON coin in January 2018 reached an all-time high of $0.29. Market capitalization at the moment is almost 8 billion US dollars. The network has 88 million user accounts, of which 21 million were active in April 2022.
The new stablecoin will be algorithmically secured, similar to the stablecoin TerraUSD (UST). Fiat-backed stablecoins, such as USD Coin (USDC), are backed by the equivalent dollar amount in a bank and securities. Algorithmic-type stablecoins, on the other hand, are not backed by physical dollars, but instead use a crypto fund to balance the supply and demand of the token.
The popularity of TerraUSD, another stablecoin from Terra, has changed the game for the Terra blockchain and the price of the LUNA cryptocoin. Today, Terra pays 19.5% annual return (APY -annual percentage yield, an annual rate of return on investment, taking into account compound interest that accumulates or grows with the balance) on TerraUSD stored in its Anchor Protocol. This measure has played a significant role in attracting users to the network. TRON raises rates and offers 30% per annum on the USDD stablecoin, which will reportedly be launched as early as tomorrow – May 5th.
Source: ixbt
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