Founder of the Tron Blockchain, Justin Sun has hinted at plans to launch a stablecoin based on the Tron blockchain.
This was made via his Twitter account hours ago.
According to the tweet, the TRON community will launch a new decentralized stablecoin backed by the TRX and BTT token.
— Justin Sun (@justinsuntron) January 16, 2020
There was little information given by the tweet but Justin Sun posted a question to the entire community, and it is for the best name for the new stablecoin.
Stablecoins have grown in numbers since the eventual launch of US dollar backed Tether (USDT). Ever since then, various fiat currency pegged stablecoins have been made available on the market.
The stability of this cryptocurrency class has also pricked the interest of governments and private corporations, the decision of Facebook to launch Libra provides a testament to the global interest in stablecoins which does away with the apparent honeypot feature of non-stable cryptocurrencies such as bitcoin, ethereum and other non-stablecoins. Volatility.
Nations CBDC has also become a fascinating way to utilize the idea behind stablecoins. Several countries are experimenting and others such as China are already getting ready.
Justin Sun’s decision to launch a decentralized stablecoin may be a noble cause, but the optics of this decision may show a contrary view.
Tron and the founders Justin from its earliest time has been involved in certain controversies such as plagiarizing the White Paper of other projects and copying codes from Ethereum, has also been linked to pump and dump schemes most especially with the use of its wide audience to manipulate value of coins by tweeting mostly inconsequential pieces.
The new stablecoin will be decentralized according to Justin Sun. While the decentralization is not absolute, complete decentralisation is a myth and it has been a much discussed topic in the space. It therefore begs a very important question, since it’s claimed to be decentralized, who will be the horses pulling the chariot.
With many stablecoins in the market, one would wonder why launch a new one, there are mostly two options on ground, it’s either the stablecoin markets offer very juicy returns that the Tron blockchain will benefit from the volume as the ‘horses’ also does, or Justin Sun has ran out of ideas.
For the community’s sake, let it be the first.