Tron Foundation CEO Justin tweeted asking the Tron community that what should be the name of the new decentralized stablecoin backed by TRX and BTT. Earlier, Justin Sun had teased the crypto community saying there is a big announcement coming up. The price of TRX upon the announcement of this news only went up 1% in 24 hours.
A new decentralized stablecoin
Justin Sun tweeted, “Tron community will launch a new decentralized stablecoin backed by $TRX & $BTT. What’s the best name for this stablecoin?” Justin received a mix reaction from the crypto community on twitter, several calling the coin “useless” and a copy of digibyte. This stablecoin would be first fully backed decentralized stablecoin using TRX and BTT as collateral.
— AcceptCryptoz (@AcceptCryptoz) January 16, 2020
TRX price might go up after the big announcement
Justin Sun revealed the news of the new decentralized stablecoin on 16th January. But it did not reflect on the price of TRX as it continued to trade at a stagnant rate. The launch of the new stablecoin may increase the demand for TRX as users exchange the coin as collateral for the stablecoin. At the time of writing, TRX is trading at $0.01755.