Justin Sun creates "the most decentralized Stablecoin"

[tvplus006]

The founder of Tron, the well-known Justin Sun decided to launch a decentralized Stablecoin called Decentralized USD (USDD). The difference from all existing ones, according to Justin Sun, will be that USDD will be “the most decentralized stablecoin in human history.”
In his message on Twitter, he says https://twitter.com/justinsuntron/status/1517143091722940417 "The USSD will provide custody services for the $10B worth of highly liquid assets raised from blockchain industry initiators and use them as an early-stage reserve. The TRON DAO will set its basic risk-free interest rate to 30% per annum".

Do you think USDD will be more decentralized than existing decentralized stablecoins?



updated

On May 5, a decentralized algorithmic USDD stablecoin was launched on the Tron network, which is also available in Ethereum and BNB Chain. In addition, USSD mining in these networks was also announced.
The Official Guide on USDD Mining: https://medium.com/@usddio/the-official-guide-on-usdd-mining-decentralized-algorithmic-stablecoin-on-tron-cc05081156e9
Guide how to transfer USDD from one network to another: https://medium.com/@usddio/usdd-cross-chain-tutorial-8eb5f58f3089

[Takyeon]

I've known Justin Sun for one thing, he controls things in a centralized way than a decentralized way, I hope he won't end up fu**king this one up again, just like Tron trc20, I dont have to go into details here, many know what I am talking about.

[tbct_mt2]

I've known Justin Sun for one thing, he controls things in a centralized way than a decentralized way, I hope he won't end up fu**king this one up again, just like Tron trc20, I dont have to go into details here, many know what I am talking about.

There are lot of drama about Justin Sun but it does not prevent people to use TRON for their transactions. When transaction fee on ERC 20 chain is high and before the launch of Binance Smart Chain, USDT on TRC20 was a most favorite option for many people.

After Binance launched Binance Smart Chain, they tried to force Binance users to use BSC rather than TRC20 chain by increasing withdrawal fee on TRC20. However, when both ERC20 and BSC cause high transaction fee, TRC20 chain again becomes a good alternative for people.

[Little Mouse]

I'm not really sure how many decentralized stablecoins are there. I know only about DAI. Though I haven’t used DAI for the last 1 or 2 years almost, I think DAI is working perfectly so far. So, I don't think Justin Sun is going to create something which would really be the best in the market but it would be fine to get one more from a guy from Justin Sun.

However, when both ERC20 and BSC cause high transaction fee, TRC20 chain again becomes a good alternative for people.

I think BSC fee is the lowest and was never higher than ERC20 and TRC20. I remember I had paid more than $1 on TRC20 transaction few months back.

[ardydyon]

I think justin sun's idea is very interesting which will build a decentralized stablecoin.
where we know that stablecoins are coins that have the most stable prices compared to other coins.
I think that's what Justin took advantage of by building a special decentralized stablecoin because it has a small risk compared to other types of coins.
I think if this project is successful then usdd will be more decentralized than stablecoins because they will be centralized and have their own place.

[Takyeon]

I've known Justin Sun for one thing, he controls things in a centralized way than a decentralized way, I hope he won't end up fu**king this one up again, just like Tron trc20, I dont have to go into details here, many know what I am talking about.

There are lot of drama about Justin Sun but it does not prevent people to use TRON for their transactions. When transaction fee on ERC 20 chain is high and before the launch of Binance Smart Chain, USDT on TRC20 was a most favorite option for many people.

After Binance launched Binance Smart Chain, they tried to force Binance users to use BSC rather than TRC20 chain by increasing withdrawal fee on TRC20. However, when both ERC20 and BSC cause high transaction fee, TRC20 chain again becomes a good alternative for people.

Actually the only reason why people are still using TRon is because of USDT, do you know how many altcoins have abandoned Tron trc20? They all have their reasons, Justin Sun learnt nothing from CZ, its like that are both Morning and Night .

I think justin sun's idea is very interesting which will build a decentralized stablecoin.
where we know that stablecoins are coins that have the most stable prices compared to other coins.
I think that's what Justin took advantage of by building a special decentralized stablecoin because it has a small risk compared to other types of coins.
I think if this project is successful then usdd will be more decentralized than stablecoins because they will be centralized and have their own place.

I hope he has learnt a lesson after all, this stable coin going decentralized looks promising but it still depends on how he Justin Sun handle this Stable Coin this time around, we have a few new stable coins that people aren't even into, only UST did very well.

[tomahawk9]

oh Justin, you're off to bad start with this stableshitcoin when one of the main selling point of it is being "the most X/Y/Z thing in human history". Such a cheesy comment about something crypto related. Anyway, the 30% interest rate raises some red flags, imo it's too high, something doesn't add up, hell, it raises more red flags than seeing the name Justin Sun attached to this new coin which is already a lot of damn flags lol

[JayTrain]

Everyone has known this man for a long time, and there is no special trust in his public "hype" statements, I would not be so vocal in his place, I would have launched the product first, and then bragged. On the other hand, it would not be bad to have a decentralized stablecoin that would inspire confidence in many traders.

[ryzaadit]

You can't get the drama until the coin is running with a long time.

IMO, about these kinds of FIAT currency. The backup asset sometimes still needs to be questioned, because most of them are not really 100% backup and that really scared all people. Just let's see how is this going.

I'm not sure, the coin will have no drama. Since there always have some drama for stablecoin fiat.

[Xal0lex]

The NEAR protocol is already working hard to implement its own USN algorithmic stablecoin. Obviously, this is a promising niche and every known protocol or blockchain will want to take its place in it. I have already mentioned it many times in this section and it seems to me a promising direction, considering how much the stablecoin market is developing. Of course this type of token has its vulnerabilities. Yes, they are decentralized, but they are smart contracts and they are prone to frequent hacks, just think of Solana's algorithmic stablecoin, CASHIO, which lost all liquidity due to an exploit in the smart counter.

I think this is the main obstacle for algorithmic stablecoins to displace centralized stablecoins such as USDT and USDC from their pedestals.

[shinratensei_]

I've known Justin Sun for one thing, he controls things in a centralized way than a decentralized way, I hope he won't end up fu**king this one up again, just like Tron trc20, I dont have to go into details here, many know what I am talking about.

Did you still expect it to be fully decentralized unlike the TRON blockchain that is under his control? i won't believe with what he has said above. Don't you see that even tornado cash who have been called by the most privacy protocol can also be controlled by its creator? the same thing will be also applied into the USDD and i do believe justin will have control over it again. He was only trying to build FOMO to make his stable token become famous like another stable token.
I will never believe if stable token will become truly decentralized. It must be worked like bitcoin to make it happen. 

[malcovi2]

remember what happened to Justin's so-called sun token from $45 to $0.01

[SyndicateLabs]

I'm thinking about how stables are getting more attention right now. Before that, we also saw the arrival of Terra's UST. But for this case, I know how long he will keep the development going with an interest rate of 30%/year. It is indeed a very attractive rate, but there is still a bit of doubt about its applicability in the future. this market. After the above news, I also see that TRX is also increasing significantly in price. I didn't know this was a direction for their ecosystem.

[sulis sudibyo]

I think this is good too. maybe he wants to follow in terra's footsteps with his UST. that's why he created his own stablecoin, but again I doubt it will be successful. every time justin creates a new project, nothing really works. like bittorrent, which infuriates investors. I think this stablecoin project will probably have the same fate as the previous projects held by Justin Sun.

[Reid]

I'm not really sure how many decentralized stablecoins are there. I know only about DAI. Though I haven’t used DAI for the last 1 or 2 years almost, I think DAI is working perfectly so far. So, I don't think Justin Sun is going to create something which would really be the best in the market but it would be fine to get one more from a guy from Justin Sun.

I had the same knowledge. I have been trying to look for more stablecoins with decentralized idea but it's only DAI that comes out. If this becomes successful then I will know two but I have my doubts when I see "USD" being used as part of the name. IMO, its healthy to have doubts first as it will make you question the quality of the project or whether they will follow what they are aiming for.
More details.

USDD will be pegged to the underlying asset, TRX, and issued in a decentralized manner. When USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX.

https://news.bitcoin.com/trons-justin-sun-reveals-decentralized-algorithmic-stablecoin-usdd/

[GreatArkansas]

(....)
Do you think USDD will be more decentralized than existing decentralized stablecoins?
(....)

Huge possiblity. Justin Tron could possibly make his mistakes from the past. As we all know, Justin Sun got a lot of issues, especially on Tron (TRX), but he already stepped down there.
I am also hoping that this new stablecoin will be available to a lot of different chains, not only on the Tron network. Because that's what stablecoin become convenient to use for me.

[Dave1]

Doesn't matter if it's the most decentralized stablecoin, the concern is if it will run on fractional reserves, although as reported it has billions already.

And I guess Justin has lost his touch, his project didn't even move a lot during the bull run as compare to other altcoins. Maybe this is his way of making his name relevant again, but not sure if it will save him.

[makishart]

remember what happened to Justin's so-called sun token from $45 to $0.01

yeah and i remember that even with the token migration and it doesn't even give any change to the price as it's still having the worst performance and i have been reading the article and it seems like sun was trying to make its tron coin being used to back its what he was called as decentralized stable token. I doubt that if this will be truly decentralized and we do know that even when he was calling his tron blockchain truly decentralized but we can see what happened with oikos when the dev of oikos deny a partnership with tron foundation. I doubt with any platforms that in his hand. This may become only a short term bet for sure. So, there was possibility if this stable token will worth less than 1 dollar

[Yaunfitda]

(....)
Do you think USDD will be more decentralized than existing decentralized stablecoins?
(....)

Huge possiblity. Justin Tron could possibly make his mistakes from the past. As we all know, Justin Sun got a lot of issues, especially on Tron (TRX), but he already stepped down there.
I am also hoping that this new stablecoin will be available to a lot of different chains, not only on the Tron network. Because that's what stablecoin become convenient to use for me.

Definitely he will have to follow what the stablecoin market has offered, make it available to other chains.

But you mentioned his TRX which for me look like a failure already.

@makishart - I don't think this will be < $1.00, it will solely defeat the purpose. Not sure though if this is going to be supported by traders, stablecoins has been saturated.

[fzkto]

I don't know how decentralised this token will be, but apart from TRX I wouldn't put much trust in Justin. As said before, he has had failed projects and there is no telling what will happen with this one, especially when it comes to stablecoin. It is not quite clear where this token will be used and why it is needed when TRX has long and successful Tether TRC20.