Tron Blockchain selected by Treasury Department for Digital Dollar
Washington D.C. - Justin Sun, the founder of Tron, confirmed rumors this weekend that Tron DAO will help the U.S. Department of the Treasury & the Federal Reserve launch a digital dollar.
A little known portion of the Infrastructure Investment and Jobs Act appropriated funds to the Treasury Department for the creation of a CBDC, which will be done in coordination with the Federal Reserve.
Players from across the industry ranging from Circle to Coinbase offered compelling visions and incredible technological platforms as potential solutions for a digital dollar. Despite the compelling applications submitted, the Treasury Department ultimately decided to go with Tron DAO based on its incredibly low cost bid for the project.
At a joint press conference with Justin Sun, U.S. Treasury Secretary Janet Yellen said “we thank Justin for Tron’s competitive bid, which will allow us to deliver a digital dollar at the fraction of the cost of projects proposed by firms like Circle.”
Industry analysts raised concerns over Tron DAO’s proposal to use its decentralized USD (USDD) as the solution for a US digital dollar. Many experts noted that USDD is in effect a carbon copy of Terra’s infamous stablecoin: UST.
At the joint press conference Secretary Yellen brushed aside these concerns saying “Justin has assured me that the mechanics of USDD are nothing like that of UST.”
Over the coming year, Tron based browser wallets will be available to download from treasury.gov and will ultimately replace retail banks.