According to CoinMarketCap data, TRX has risen in value over the last 24 hours as Tron prepares for the release of its algorithmic stablecoin, USDD, on May 5. The algorithmic stablecoin is scheduled to be issued and enter circulation on May 5. It will also be available on Ethereum and BNB Chain through the BTTC cross-chain protocol.
TRON DAO joined hands with major blockchain players to launch USDD (Decentralized USD), a decentralized stablecoin that aims to make finance accessible to all by applying mathematics and algorithms. Tron says it will be ushering in the Stablecoin 3.0 era via USDD Stablecoin.
Amid the positive news, the network has gained new users, with the number of accounts on Tron hitting 90 million, as reported by U.Today.
In contrast to stablecoins like Tether (USDT), which uses fiat assets, currencies and other instruments to peg their price, algorithmic stablecoins are backed by digital currencies themselves. Tron has gained in value since the start of May after the date of the stablecoin launch was announced. On the seven-day basis, TRX is up nearly 25% per CoinMarketCap data.
Tron founder Justin Sun optimistic about crypto adoption in Caribbean countries
Tron founder, ambassador and Permanent Representative of Grenada to the WTO Justin Sun recently shared his views on blockchain and cryptocurrency in "Aligning The Future," the first-ever documentary on Bitcoin's development, presented by The Future is Now. "We will be able to benefit everyone by eliminating barriers to financial infrastructure," says Justin Sun in "Aligning The Future." This expressed many futurists' confidence in blockchain technologies and a strong consensus and expectation for decentralization.
He states, "Last year, El Salvador adopted Bitcoin as its legal tender. How will crypto in the Caribbean countries develop in the near future?"
"I believe that Caribbean countries and communities can learn from El Salvador, I am also very optimistic about the policy deployment to make cryptocurrency, for example, Bitcoin, their national infrastructure and legal tender, as what El Salvador does today," the Tron founder states.