On a day when many cryptocurrencies are rising moderately, Tronix (CRYPTO: TRX) is shooting sharply higher. Tronix is the official cryptocurrency of the TRON network, a blockchain-based operating system trying to establish a decentralized internet and infrastructure. Justin Sun, the founder of TRON, announced today the launch of a new stablecoin, USDD (for Decentralized USD), on the TRON blockchain.
As of 10:31 a.m. ET on Thursday, Tronix is up 16% over the past 24 hours.
USDD will be independent of centralized institutions for redemption, management, and storage. It will be pegged to Tronix and will be issued in a decentralized manner. According to the press release announcing the launch of the new stablecoin, "the USDD protocol will keep USDD stable at 1:1 against the U.S. dollar via proper algorithms in a decentralized manner."
Source Fool.com