A new stablecoin based on TRON and BitTorrent is coming soon
A new stablecoin based on TRON and BitTorrent is coming soon
Stable Coin

A new stablecoin based on TRON and BitTorrent is coming soon

By Marco Cavicchioli - 17 Jan 2020

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The founder of TRON, Justin Sun, has announced the upcoming launch of a new stablecoin collateralized with TRON (TRX) and BitTorrent (BTT). 

There are still no details about it, except that it will be a decentralized stablecoin, so probably algorithmic, and that the community is looking for a name for the new token. 

Very likely it will be a TRC20 token on the TRON blockchain and it is also likely that its value will be pegged to that of the US dollar. 

In addition, it is conceivable that its specific use will be the reference stablecoin in the dApps running on the TRON network, of which the BitTorrent token is also a part.

In reality, there is already a stablecoin on the TRON network, since Tether (USDT) exists both as an ERC20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain, but just as the DeFi on Ethereum is based largely on the DAI algorithmic decentralized stablecoin, something similar is imaginable also for the TRON network. 

The choice of TRX and BTT as collateral would actually suggest the creation of an algorithmic stablecoin similar to DAI, which instead uses ETH and other ERC20 tokens as collateral. 

TRX and BTT prices have risen in recent days, but perhaps not as a direct consequence of this announcement. In fact, there has been a general increase in altcoin prices for days, which also affected TRX and BTT in a more or less in equal measure with respect to other cryptocurrencies. 

Furthermore, Justin Sun has also made another announcement concerning the fact that Binance has launched futures contracts on TRX, although its price does not seem to have particularly benefited. 

Overall, therefore, TRX has gained more than 6% since yesterday, but the growth does not seem to match the two announcements made by Sun. Instead, it would turn out to be a growth spread over the last 24 hours, very much in line with that of other currencies, such as ETH itself. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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