The central theses
- USDD was launched on TRON, BNB Chain and Ethereum.
- The team behind the stablecoin has promised “zero risk” returns of around 30% APY, and users currently have to engage in “mining” to earn the returns.
- The blog post announcing the launch of USDD 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 earn a “risk-free” interest rate of 30%.
TRON stablecoin goes live
TRON says it is ushering in “the stablecoin 3.0 era” with USDD.
#USDD on #TRON was 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 suggested that the new dollar-pegged asset had gone live on TRON, BNB Chain and Ethereum earlier today (TRON is an Ethereum-compatible blockchain; it has been accused of publishing the whitepaper plagiarized from Ethereum at its launch 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 “entering 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 pledged in April that USDD holders would be able to earn a “risk-free” interest rate of 30% upon launch. Sun said that holders could earn the lucrative return through the TRON DAO Reserve, recently set up to manage the stablecoin, and touted the vision of “a giant leap for mankind in pursuit of ultimate financial freedom.”
Today’s guide to USDD mining was shared in a tweet promising “juicy rewards with no risk”. It explains that the new stablecoin is currently available on multiple exchanges, including BNB Chain’s TRON-based exchange SunSwap, PancakeSwap and Elipsis Finance, as well as early Ethereum DeFi protocols Uniswap and Curve. Users can switch between different stablecoins or exchange their TRX on TRON to get the tokens.
The post also describes how to participate in USDD mining to earn an interest rate on USDD. It says USDD mining is live on a TRON-based mining platform and cryptocurrency exchange Poloniex. “The designated platform cooperates with TRON DAO Reserve, which can guarantee a maximum profit of 30% APR. The second type is cooperative mining, where the interest rate for returns will be 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 mine returns.”
The post states 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” as of 16:30 UTC. According to the blog post, starting May 12, users can also earn a fixed 30% return by depositing USDD on the JustLend lending platform.
Although the post does not describe exactly how the TRON-DAO reserve will secure the “30% APR profit”, it describes four phases of USDD development: Space, ISS, Moon and Mars. In a way, TRON’s vision for USDD takes inspiration from Terra and its algorithmic stablecoin UST. Terra uses an ephemeral token called LUNA to stabilize UST and has grown into one of Crypto’s largest Layer 1 networks. UST holders can deposit it in a lending protocol called Anchor for fixed returns of around 18% APY.
Although UST has historically come under pressure during intense market downturns, it has become the largest decentralized stablecoin on the market. That year, Terra established the Luna Foundation Guard and began the mission to accumulate billions of dollars worth of Bitcoin to act as a reserve fund for UST, similar to the TRON DAO Reserve on which USDD will depend. Like TRON, Terra is known for being bold—and occasionally questionable—promise to his community. “Things will get hot very soon. Beras watch out,” reads an April 21 tweet from Terra’s official account, which sends a stark warning to so-called crypto “bears” who welcome market downturns.
Things will get hot very soon.
beware $UST $BTC
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) April 21, 2022
The blog post announcing USDD mining ends on a similar note. “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 article owned ETH, CRV, and several other cryptocurrencies. They also had exposure to UNI in a cryptocurrency index.
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