In an open letter published on May 5, Justin Sun officially announced his plan to step into the decentralized stablecoin sector with the launch of USDD. Built upon the TRON public chain, the USDD has become the world’s first decentralized over-collateralized stablecoin with a base collateral rate of over 130%. As the safest decentralized stablecoin, the USDD has a total supply of over $720 million, and the total USDD collateral reached $2.2 billion.
The launch of USDD has also fostered the development of DeFi and other DApps in TRON’s ecosystem. According to DeFiLlama, the world’s largest DeFi TVL aggregator, TRON has become the second largest public chain by DeFi’s Total Value Locked (TVL) as of August 29, with a TVL of $5.69 billion, surpassing that of BSC ($5.28 billion), which occupies the third place. As an established public chain, TRON also takes a leading position in applications including NFT, DeFi, and distributed storage protocols.
In late 2021, Justin Sun was officially appointed by the government of Grenada as its Ambassador and Permanent Representative to the WTO and was authorized to represent Grenada at WTO meetings during his mandate. Justin said that he would proactively promote the integration of cryptocurrencies and sovereign states to build a new financial system that is secure, efficient, and inclusive. In the meantime, he would also leverage his experience in the field of digital currency for a joint response to the new challenges regarding digital transformation in the post-pandemic era. In an earlier interview with Bilan, a renowned Swiss business media, Sun expressed his confidence in the market. He believed that although it would take time to restore market confidence, the bearish market would not last for long.
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