Livestream Recap: TRON Founder and BitTorrent CEO Justin Sun on the Roadmap and Potential of TUSD on TRON
If you missed TRON Founder and BitTorrent CEO Justin Sun's April 15th livestream on how he sees TUSD's future growth and potential on the TRON network, catch up on the details here!
Livestream Topic: Welcoming TUSD to the TRON Ecosystem with TRC20-TUSD: Roadmap and Potential of the World’s Most Transparent, Regulated, and Attested Live On-Chain Stablecoin
Time: April 15th 2021, 23:00 (HKT)
Platforms: DLive, Periscope, YouTube
Hi everyone, this is Justin, Founder of TRON and CEO of BitTorrent. Welcome to my channel! I believe many TRON followers already know that TUSD, the world’s most transparent stablecoin that is fully-collateralized and can be verified real-time on-chain, was listed on TRON on April 9th, making TRON’s stablecoin ecosystem even more diversified!
Today I’d like to share with you what that means for the TRON community and developers.
What is TUSD?
First of all, I’d like to tell you what TUSD is. Basically TUSD is the world’s most transparent stablecoin that is fully collateralized and can be verified real-time on-chain. It was issued by TrustToken in 2018, and is 1:1 pegged to the US dollar held by multiple trust companies who have signed escrow agreements with TrustToken.TUSD’s reserve information is updated real-time on the official website. Meanwhile, it’s audited real-time by Armanino, a top accounting firm in the US, to ensure transparency.
Up to date, TUSD has been listed in more than 70 centralized exchanges, including a majority of leading exchanges such as Binance, Huobi and Poloniex. Apart from that, TUSD is also available on MXC, and BiKi’s OTC. It’s also worth noting that TUSD is very popular among major DeFi platforms such as Curve, AAVE and SushiSwap where users can participate in the trading and lending of TUSD, and receive mining rewards. In addition, TUSD is now available on JustSwap, and will soon make its debut in TRON’s Century Mining campaign, with great rewards. More details will come out soon!
Why Did We Launch TRC20-TUSD?
Some people may wonder why we launched TUSD when we already have a USD-pegged stablecoin USDT. It’s true that the total circulation of TRC20-USDT on TRON has surpassed 23.9 billion tokens with over 2.9 million unique addresses and daily transactions higher than that of Ethereum. Finally! After 729 days’ endeavors, USDT on TRON has surpassed USDT on Ethereum. It is a historic moment but like I said earlier, for this year and beyond, we’ll remain steadfast in stablecoins and work with more stablecoins, so that more tokens can enjoy the benefits of TRON’s public chain that features high-throughput and low latency. TRON is committed to the decentralization of the Internet and building the infrastructure for decentralized applications in TRON’s DeFi ecosystem. But we certainly have a larger role to play than just that. We have already become the infrastructure of decentralized finance. Every transaction on TRON is enshrined with the running blood of finance, garnering the momentum it takes to decentralize finance for mankind.
In addition to that, we have the obligation to provide a stablecoin that is safer, more convenient, and more reliable for the TRON community, and obviously, TUSD is a good option.
TUSD offers many advantages. One of them lies in its transparency. All collateralized assets are kept in third-party custodial accounts. The TUSD team has no access to any of its reserves. In the meantime, the top US accounting firm Armanino audits the reserve real-time. Trust Explorer, a browser developed by Armanino, continuously reads the reserve balance and the total token supply on TUSD chain, and displays the two real-time to ensure sufficient collaterals. On top of that, TUSD is the only stablecoin whose on-chain supply information and real world storage data are uploaded to blockchain through Chainlink in a decentralized way.
Another advantage of TUSD lies in its compliance. As a licensed MSB (Money Service Business) in the US, TUSD operates with full compliance and is able to safeguard user assets.
Third, TUSD offers efficient minting and redemption services. By leveraging the PrimeX technology backed by SEN (Silvergate Exchange Network) and PrimeTrust, TUSD delivers near-instant minting and redemption services and allows direct-to-bank redemption through a memorable 5-character TUSD redemption address.In the US, TUSD swaps can take as little as two minutes and no more than one day to complete, and no longer than three days in Hong Kong, China. On top of that, users in mainland China can obtain TUSD via fiat on-ramps on exchanges such as BiKi and MXC.
Plans for TRC20-TUSD in TRON DeFi and Online Payment
We look to engage more users in the instant services promised by TUSD. TRC20-TUSD is now available on JustSwap and will soon join TRON Century Mining as well as other platforms like JustLink and JustLend. Holders of other stablecoins may as well swap their tokens for the high-performing TRC20-TUSD to enjoy stable and credible returns.
Online payment is another critical use case of stablecoins. TUSD plans to integrate with BitTorrent as a payment option for buying memberships. Not long ago, Pornhub, TRON’s key partner and the world’s largest adult website, officially accepted payment in TRC20-USDT via TRON wallet TronLink. If everything goes as scheduled, TRC20-TUSD will be another fine option on that list.
Stablecoins on TRON: Does the Growing Number of Stablecoin Listings on TRON Indicate that it has Become the Hub for Stablecoin Issuance?
Stablecoins are without a doubt one of the key components of the TRON ecosystem. TRON now hosts a variety of stablecoins ranging from fiat-backed stablecoins to crypto-backed stablecoins (USDJ). TRON-powered stablecoins now take up as much as 26.6% of the entire market (Data source: The Block Research’s stablecoin report issued in March 2021) and is second only to Ethereum. Moreover, TRON is well on its way to exceed Ethereum in stablecoin trading volume. TRON’s high throughput, scalability and security is the foundation for its rapid growth and achievements.
TRON’s DeFi Ecosystem
TRON, as one of the world’s top three public chains, has been committed to building an all-round ecosystem and diversifying its business lines. In its explorations into the DeFi sector, TRON has achieved impressive feats: the total number of users on TRON exceeded 28 million and total transactions passed 1.7 billion. TRON Century Mining, which kicked off on March 5, 2021, also gained huge traction with its TVL hitting a new high of $5.8 billion on April 5. The ongoing second mining round further raised the mining rate of WBTT Lend pool from 8X to 16X, and that of WBTT-TRX LP pool from 28X to a whopping 42X. We welcome your participation!
In addition, JUST has laid the groundwork in areas like stablecoin, DEX, oracle, lending, etc. Total supply on JustLend has hit a record high of $2.8 billion USD, and cumulative liquidity on JustSwap has exceeded $1.8 billion USD.
As the TRON-based USDT, ETH, BTC, LTC, HT are issued at large scale, TRON‘s ecosystem is growing stronger over time. As of April 14, total circulation of TRC20-USDT has exceeded 23.9 billion, and 60k for TRC20-ETH, 25k for TRC20-BTC, 100k for TRC20-LTC and 20million for TRC20-HT. It’s worth noting that circulation of the newly-launched TRC20-TUSD has already reached up to 801,624 on TRON. So I believe more users will adopt TUSD, as it is a highly transparent and compliant stablecoin.
In late March, I won the bid for 4 renowned pieces of NFT artwork. Those include the $6 million worth of “OCEAN FRONT” from Beeple, Femme nue couchée au collier (Marie-Thérèse) by the regarded artist Pablo Picasso, acquired at $20 million at Christie’s 20th Century Art Evening Sale through the JUST NFT Fund I set up, and the Three Self-Portraits by American artist Andy Warhol. Also, I’ve won the bid on TIME The Computer in Society — April 2nd, 1965 NFT, where the computer was mentioned for the first time on the cover of TIME. I’ll put all of these NFT in the JUST NFT Fund and issue them on TRC-721 on the TRON network.
On April 10th, 2021 at the “Huobi Night, Road to Rising” party hosted by Huobi, the JUST NFT Fund that I set up, successfully won the bids for five NFT pieces out of the eight featured during the NFT Charity Auction at a total price of $229,000 and JUST NFT Fund was the largest buyer at the Huobi Charity Auction.
JUST NFT Fund was born with the mission to register world-class artworks as NFTs on the blockchain. We aim to be the ARK Funds in the NFT space.We estimate that over the following decade, over 50% of the world’s top 100 top-class artists and artworks will be turned into NFT. JUST NFT Fund is embracing the trend, and will become part of the revolutionary change for NFT artworks.
TRON is developing at an amazing speed in NFT, and is realizing outstanding achievements. Besides celebrities like Lindsay Lohan, the American actress, model and recording artist who chose to release NFTs on TRON, more and more projects will ink in-depth cooperation deals with TRON. TRON is set to create more wonders in the NFT field. Stay tuned, we have so much coming up!
That concludes today’s livestream. I’d like to end by saying that you are all welcome to use TUSD, a compliant, secure, and reliable stablecoin. For more information on TRC20 — TUSD, please follow my Twitter at justinsuntron and TUSD’s official twitter at tusd_official.
That’s it for today, see you next time!
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