- Tron launches new stablecoin
- The new coin is backed by BitTorrent and Tron
- Tron is trading flat at press time
Tron news today – Tron has once again made headlines as Founder Justin Sun make a big announcement. According to reports, on January 16, 2020, Justin Sun, CEO of Tron, announced via Twitter the launch of a new Tron and BitTorrent backed stable coin. Sun, who is media-friendly asked the opinion of the Tron community regarding what name to call the new coin after giving the announcement. However, the number ten largest digital asset by market cap according to CoinMarketCap is listed as trading flat at press time. The coin has managed to rise by less than 1% in the last 24 hours.
How Sun Broke the News to the Community
Sun’s stablecoin news came to light last week when the Tron chief promised the Tron community that he would make a “big upcoming announcement” soon urging them to guess what it will be. Now, the new Tron and BitTorrent backed stablecoin is expected to be launched soon which will allow low volatility crypto to be used across the globe. The TRON community will be happy because this is the first 100% backed decentralized coin using both TRX and BTT as collateral to get back the coin in return. Someone familiar with the matter had this to say:
“To receive your collateral you must send the same sum of stablecoins to the smart contract plus interest.”
Although this is good news for the community, the community is treating it as a joke with many of the opinion that the new coin won’t be different from the other stablecoins. Regarding naming the new stablecoin, one user said:
“Zero coin because that’s what it is worth and what it’s been worth over the past year.”
Despite news of a new Tron backed stablecoin, TRX price remained rather stagnant in the last 24 hours and managed to register just a 1% gain.
Will Tron Price Break the $0.02000 Level?
Although the price of Tron remained stagnant in the last 24hrs, chart indicators show a possible bull-run. Since breaking the resistance at $0.01380 on January 6, 2020, the TRX/USD pair has been maintained a stable uptrend with a possibility of testing an important resistance level at $0.02200. The higher timeframe RSI oscillates at overbought areas, meaning a short term pullback should be expected near $0.014000 before a mega bull-run. The announcement of the new stablecoin might increase Tron’s demand as users will exchange the stablecoin as collateral for the SC.
— Justin Sun (@justinsuntron) January 16, 2020