A New York-based FinTech startup is launching a stablecoin on the Tron blockchain.
Dubbed as Carbon, the firm is into developing user-friendly payment solutions for the blockchain sector. It decided to launch a TRXD stablecoin, a digital currency backed by a stable fiat currency, mainly the US dollar, to enable the use of modernized tokens in day-to-day spendings.
In the beginning, the TRXD expects to serve the Tron blockchain users as a native hedge against TRX’s underlying volatility. Should the adoption picks up, the stablecoin can get listed across several mainstream cryptocurrency exchanges.
As of now, users can purchase and redeem TRXD from Carbon’s official website. The firm clarified that their stablecoin is one-to-one backed by US dollar deposits held in FDIC-insured accounts.
“Our goal is to build products that people use. TRON shares an unwavering loyalty to both growth and adoption. We’re excited to join forces to bring stability to a more mainstream audience in launching a fully fiat-backed stablecoin on TRON.”said Sam Trautwein, co-founder and CEO of Carbon.
Tron Coin (TRX) Price Jumps 5%
The Carbon’s announcement assisted reviving the interim bullish bias of TRX, the native token of the Tron blockchain. As of 0920 GMT, the TRX/USD instrument was trading at 0.0389, up more than 5 percent in the last 24 hours, per the data provided by CoinStats’ cryptocurrency portfolio tracker service.
The TRX rate also appreciated against bitcoin, the world’s largest cryptocurrency by market capitalization. As of 0920 GMT, investors bid the TRX/BTC instrument at 357 sats, up 3.98 percent in the past 24 hours.
As CoinStats covered earlier, the TRX market was expecting a rise ahead of a string of optimistic news. Before Carbon’s announcement, Tron upgraded its core to improve its on-chain security. At the same time, decentralized applications on the Tron blockchain recorded more volumes than its competitor EOS in the last 7 days.
“We are excited to collaborate with all partners to launch user-friendly stablecoins on TRON. These are important milestones for making TRON more accessible to mainstream users.”said Justin Sun, founder of TRON and CEO of BitTorrent.