Tron (TRX) CEO Announces Launch of Djed DeFi Ecosystem and Stablecoin

Tron (TRX) CEO Justin Sun has announced the launch of a new U.S. dollar-backed stablecoin project called “Djed” which some pundits say bears a lot of similarities with the MakerDAO decentralized finance (DeFi) ecosystem. The development comes as a follow-up to Sun’s earlier announcement in January of a decentralized stablecoin backed by the Tron (TRX) and BitTorrent (BTT) tokens.

While Sun’s Saturday announcement offered no new details about the project, an excerpt from the previously issued Djed white paper reads: “USDJ is a new currency generated through decentralized smart contracts on the TRON network. Despite Sun’s initial January announcement mentioning BTT, the project’s white paper does not contain any reference to the native token of the Torrent platform acquired by the Tron CEO back in 2018.

Timeline of Bittorrent, Tron