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Tron DAO Launches its "Terra Destroyer" Stablecoin on Multichain DEX

Wed, 05/11/2022 - 11:55
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Gamza Khanzadaev
Justin Sun is not bothered by recent Terra collapse
Tron DAO Launches its "Terra Destroyer" Stablecoin on Multichain DEX
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According to an official announcement, Tron DAO's own $USDD is now available on Multichain DEX (formerly AnySwap) alongside PancakeSwap, Uniswap, Ellipsis and sunSwap, the first to have listed stablecoin.

The new deployment allows users to bridge $USDD among the BitTorrent, Ethereum, Fantom and Avalanche platforms arbitrarily through Multichain services.

Nothing can stop the self-labeled "Terra destroyer" and its famous founder, Justin Sun, from expanding and capturing new niches in the crypto industry.

$USDD expansion on decentralized exchanges continues the path laid out back in January, when Tron Foundation announced its reformation into Tron DAO and declared it was working "towards the mission of delivering the Global Human Settlement Layer of the future."

In the process of accomplishing this mission, Tron DAO's own "revolutionary" stablecoin, $USDD, emerged. Being backed by TRX and $10 billion in cryptocurrency assets, the exact composition of which is unknown, Tron DAO further announced the additional authorization of $1 billion in the next 10 days, starting from May 7.

Following the outlined plans, Tron DAO then additionally bought 500 BTC and about 600 million TRX on May 10 "to safeguard the overall blockchain industry and crypto market."

Not as stable as claimed

While TRON's DAO plans resound throughout the crypto world, a fire is brewing in the backyard of the stablecoin sector.

Terra's recent collapse shocked the entire crypto community over the past couple of days. Even a potential venture capital-backed bailout has fallen through due to rumors.

Another threat comes from the fact that none other than the U.S. Department of the Treasury may come to put out the flaming fire, with Treasury Secretary Janet Yellen calling for swift passage of the Stablecoin Act.

According to Ms. Yellen: "United States are dealing with a rapidly growing product that has inherent rapidly growing risks."

Nonetheless, it will be interesting to follow Tron DAO and Justin Sun's further steps, but for neutral spectators it seems better to be cautious and try not to get burned in the process.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.