The Tron (TRX-USD) network’s TRX coin is one of the only cryptos finishing off this week in the green. However, it’s not just keeping its head above water — it’s lapping the competition. Today’s Tron crypto news sees the network capping off a much-hyped week leading up to the release of a native stablecoin.
Tron is one of the leading layer-1 dapp networks in the blockchain industry right now. The network has seen steady growth under the watch of founder Justin Sun. In fact, Tron is one of the only networks that can hold a candle to Ethereum (ETH-USD) in terms of product offerings. The platform hosts nearly 1,400 dapps currently, one of the closest to Ethereum’s 4,000 products. It’s worth noting also that Tron is three years younger than Ethereum and that the network averages about 400 new dapps each year since 2019.
The network is also notable for its unique repurposing of existing products on the blockchain. Tron became more of a household name in 2018, when it acquired BitTorrent (BTT-USD). A once-notorious file-sharing platform that fell out of popularity in the early 2010s, Tron bought the project and repurposed it to share files on the blockchain.
Nowadays, the network continues to expand by fulfilling whatever needs users might have over time. Recently, the boom in stablecoins has pointed to a pain point for these users; Tron doesn’t have a native stablecoin, which can be quite limiting for a network. That’s changing today, though, and furthering some already impressive growth for TRX.
Tron Crypto News: USDD Launch Keeps Stacking Up TRX Gains
The big Tron crypto news today comes as the network launches its heavily anticipated USDD (USDD-USD) stablecoin. The rollout is benefiting the TRX crypto greatly.
USDD is Tron’s response to the success of native stablecoins on other networks. Indeed, interest in stablecoins has picked up in recent months. With crypto prices still quite volatile, they offer a way to continue building passive income without having to tolerate high risk. Tron’s lack of a stablecoin is certainly somewhat unique as well, seeing that it is one of the largest networks to not have one.
The network calls USDD a “revolutionary” invention. It is an algorithmic stablecoin, meaning it is kept to its $1 peg through mathematic adjustments. This is quite different from other stablecoins like Tether (USDT-USD) or USD Coin (USDC-USD), which have reserves of fiat currency, commercial paper, metals and other assets underlying them. However, the model is similar to that of Terra USD (UST-USD), something that critics are not hesitating to point out.
Regardless, the launch is proving quite successful, with over $21 million in USDD swapping hands since the launch earlier today. This is in turn driving traffic in TRX as well; $3.4 billion in TRX volume marks a 15% increase over yesterday. The coin is also benefiting from an 8% gain, bringing the coin’s seven-day average up to 30%.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.