Justin Sun is not bothered by recent Terra collapse
According to a official announcementTron DAO’s own $USDD is now available on Multichain DEX (formerly AnySwap) alongside PancakeSwap, Uniswap, Ellipsis and sunSwap, the first to list the 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-proclaimed “Terra destroyer” and its famous founder, Justin Sun, from growing and conquering 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 “revolutionary” stablecoin, $USDD, has emerged. Backed by TRX and $10 billion in cryptocurrency assets, the exact composition of which is unknown, Tron DAO further announced the authorization of an additional $1 billion in the next 10 days, starting 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
As TRON’s DAO plans resonate in the crypto world, a fire is brewing in the backyard of the stablecoin industry.
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 none other than the US Treasury Department coming to put out the blazing fire, with Treasury Secretary Janet Yellen calling for rapid passage of the Stablecoin Act.
According to Ms. Yellen: “United States are dealing with a rapidly growing product that has inherent rapidly growing risks.”
Still, it will be interesting to watch the next steps from Tron DAO and Justin Sun, but for neutral viewers, it seems best to be careful and try not to get burned in the process.
