On May 5, the algorithmic stablecoin USDD was released and circulated on the Tron network. The asset is also available on Ethereum and BNB Chain via the BTTC cross-chain protocol.

The Tron team announced the launch of the stablecoin at the end of April. The coin is backed by the network’s native token TRX and possibly $10 billion in liquid assets.

Earlier, Justin Sun, the founder of the project, said that stablecoin management organization TRON DAO Reserve will set a “risk-free” annual interest rate of 30% for the return on the asset.

Against this background, Tron announced that the total value of funds blocked in DeFi blockchain projects (TVL) has reached a record high of more than $10 billion.

According to DeFi Llama, the network’s TVL is $4.8 billion, down almost 11% in the past day. Landing protocol JustLend dominates with a share of about 40%.

At the time of writing, the price of TRX rose 11.8% daily to reach $0.086. The price of the token is up 24% over the week, but is still trading around 63% below the high recorded in January 2018.

Recall that in December 2021, Justin Sun left the Tron Foundation to take up the post of WTO representative for Grenada, but he said that this does not mean that he left the project.