Key Takeaways
USDD has launched on TRON, BNB Chain, and Ethereum.
The team behind the stablecoin has promised “zero-risk” returns of about 30% APY, and users currently need to engage in “mining” to capture the yield.
The blog post announcing USDD’s launch also made the bold claim that the stablecoin would help make “financial freedom” a reality.
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TRON founder Justin Sun recently said that USDD holders would be able to capture a “risk-free” interest rate of 30%.
TRON Stablecoin Goes Live
TRON says it’s ushering in “the Stablecoin 3.0 era” with USDD.
#USDD on #TRON has been issued today and is now in circulation. Also available on #Ethereum and #BNBChain! ✨
✅ TRON-USDD:https://t.co/OTvCuPNMQm
✅ BEP20-USDD:https://t.co/1optLt2oLy
✅ ERC20-USDD:https://t.co/DwWvBJpvpf pic.twitter.com/LJfvDaHexR
— USDD (@usddio) May 5, 2022
A new post from USDD’s official Twitter account indicated that the new dollar-pegged asset had gone live today on TRON, BNB Chain, and Ethereum earlier today (TRON is an Ethereum-compatible blockchain; it was accused of plagiarizing Ethereum’s whitepaper when it launched because it shares so many similarities). USDD has also published a Medium post presenting an “official guide to USDD mining.” In it, the team says that USDD is “embarking on the Stablecoin 3.0 era on TRON.”
The USDD stablecoin launch follows weeks of hype within the TRON community. Among the new coin’s biggest evangelists was TRON founder Justin Sun, who promised in April that USDD holders would be able to capture a “risk-free” 30% interest rate when it launched. Sun said that holders would be able to earn the lucrative yield through the TRON DAO Reserve that was recently established to manage the stablecoin and touted a vision of “a giant leap for mankind in pursuing the ultimate financial freedom.”
Today’s guide to USDD mining was shared in a tweet promising “juicy rewards with zero-risk.” It explains that the new stablecoin is currently available on several trading venues, including the TRON-based exchange SunSwap, BNB Chain’s PancakeSwap and Elipsis Finance, and the early Ethereum DeFi protocols Uniswap and Curve. Users can swap from various stablecoins or trade in their TRX on TRON to get hold of the tokens.
The post also details how to participate in USDD mining to earn an interest rate on USDD. It says that USDD mining is live on a TRON-based mining platform and the Poloniex cryptocurrency exchange. “The designated platform collaborates with TRON DAO Reserve, which can guarantee a maximum profit of 30% APR. The second type is cooperative mining, with the interest rate for returns jointly supported by TRON DAO Reserve and will fluctuate around 30% APR,” the post explains. “TRON DAO Reserve will do its best to ensure a stable interest rate for cooperative mining returns.”
The post says that users can mine USDD on BNB Chain’s Ellipsis Finance by entering three pools: USDD-BUSD, USDD-USDT, and USDD-USDC. According to the post, the APR ranges from 23 to 59%. Alternatively, the USDD-TRX and USDD-USDT liquidity pools on TRON’s SunSwap offer “up to 30% mining rewards” from 16:30 UTC. Per the blog post, users will also be able to earn a fixed 30% yield by depositing USDD on the lending platform JustLend from May 12.
Though the post doesn’t detail exactly how the TRON DAO Reserve will secure the “profit of 30% APR,” it describes four stages to USDD’s development: Space, ISS, Moon, and Mars. In some senses, TRON’s vision for USDD takes inspiration from Terra and its algorithmic stablecoin, UST. Terra uses a volatile token called LUNA to stabilize UST and has become one of crypto’s largest Layer 1 networks. UST holders can deposit it in a lending protocol called Anchor to earn fixed returns of about 18% APY.
Though UST has faced pressure during intense market meltdowns in the past, it’s become the biggest decentralized stablecoin on the market. This year, Terra established the Luna Foundation Guard and embarked on a mission to accumulate billions of dollars worth of Bitcoin to act as a reserve fund for UST, similar to the TRON DAO Reserve USDD will be dependent on. Like TRON, Terra is known for making bold—and occasionally questionable—promises to its community. “Things are gonna get spicy real soon. Beras beware,” an Apr. 21 tweet from Terra’s official account reads, issuing a stark warning to the so-called crypto “bears” that embrace market downturns.
Things are gonna get spicy real soon.
Beras beware. $UST $BTC
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) April 21, 2022
The blog post announcing USDD mining concludes in a similar tone. “With USDD, financial freedom is no longer a distant dream but an emerging reality,” it says.
Disclosure: At the time of writing, the author of this piece owned ETH, CRV, and several other cryptocurrencies. They also had exposure to UNI in a cryptocurrency index.
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