Justin Sun has officialized on twitter the arrival of Tron’s new stablecoin, USDJ, which will use a collateral system similar to the one developed with MakerDAO.
Something new. #DJED #TRON #TRX $TRX pic.twitter.com/k0rbDtjT0Y
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 28, 2020
In fact the stablecoin, already announced at the beginning of this year, has a system of openings and collateral, the so-called CDP (Collateralized Debt Positions), where using the TRX as collateral you can receive the stablecoin USDJ in exchange.
The whole structure has been created thanks to the support of the Djed Foundation and has its own whitepaper with all the information and details on how it works.
Going to check the technical information from the relevant address, we can see how the supply for the moment is just over 10 thousand USDJ and so there are currently about 10 thousand dollars, distributed in 25 accounts.
In these 2 days not many people have had the opportunity to use this type of platform and therefore have not generated a volume that could affect at all a stablecoin, like Tether’s (USDT) which is already present in this blockchain.
As for the conversion we can see that currently 1 dollar is equivalent to about 89 TRX, so in this case it’s easy to see and calculate even the maximum USDJ that in theory, with this exchange rate, 1 to 89, comes to be 1.1 billion and therefore the same figure in dollars, which is much lower than the figures we find on Tether which boasts 6 billion, among all the various blockchain.
At this point the battle of the stablecoins on the Tron blockchain has officially opened and in the future we’ll see how it will evolve, as we could add other tokens as collateral, first of all the one related to the BitTorrent token (BTT), and then make up for a higher demand of the new stablecoin.
