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Launch of Chinese Currency-pegged Tron Network TCNH Stablecoin

David - Cryptocurrency Enthusiast

  • A stablecoin TCNH that is tied to the Chinese yuan is forthcoming on the Tron network

  • The TUSD stablecoin's issuer will also be in control of the TCNH

  • The USDD stablecoin on the TRX network has yet to regain its $1 peg

With the Chinese currency TrueCNH, the Tron network (TRX) is introducing the blockchain counterpart of a central bank digital currency (CBDC) (TCNH) for cheap crypto currency transactions.

The TRON-based stablecoin, TCNH, is tied to the Chinese Yuan (CNH) at a one-to-one ratio, making it a useful tool for any cryptobroker and crypto asset management. Justin Sun, the adviser for Huobi Global's cryptocurrency exchange, recently commented on this. It is pegged one-to-one with the offshore RMB, and there are no limits on buying or exchange, according to Sun, the inventor of the Tron blockchain. The Chinese government will be welcoming and upbeat about cryptocurrencies in the future.

According to sources, the TrueUSD team, which presently oversees TUSD stablecoin with a market valuation of around $753,611,088 will launch TCNH. Notably, USDD, a native algorithmic stablecoin of the TRX network, is now trading at around $0.98. Given the failure of the FTX exchange, the algorithmic stablecoin lost its $1 peg in the beginning of last month, at the height of the crypto FUD.

Similar to this, the layer-one protocol COTI and the Cardano blockchain recently collaborated to create DJED, an over-collateralized algorithmic stablecoin for cheap crypto currency transactions. After a successful audit and thorough stress testing, the stablecoin will launch on the Cardano mainnet early next year.

The CEO of COTI, Shahaf Bar-Geffen, said that recent market developments proved the need for a safe haven from volatility and that the DJED stablecoin will fulfill that need. The Djed team promised to use excess collateral in cryptocurrencies like the ADA token to back the DJED stablecoin in a one-to-one ratio against the US dollar. DJED will be used by a few partners and Decentralized Exchanges (DEXs) to implement the algorithmic stablecoin and pay users for supplying liquidity and for secure coin storage and the safekeeping of crypto assets and coin holdings.

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