The listing of USDJ and JST by CryptoLocally is an important step in the realization of TRON’s goal to support the development of a decentralized finance ecosystem.
TRON-issued stablecoin USDJ and accompanying token JST were designed to slot into the defi narrative. That story of growing decentralization has now been reinforced by the addition of both assets to P2P platform CryptoLocally. If cryptocurrency is to work for the people, making it obtainable on platforms that don’t require their users to jump through verification hoops will be essential. As such, the CryptoLocally listing of USDJ and JST is a small but valuable step in facilitating the realization of TRON’s goal to support a decentralized finance ecosystem.
Buy TRX Globally on CryptoLocally
CryptoLocally, originally founded as a site for buying EOS peer-to-peer, is modeled in the style of platforms like LocalBitcoins and LocalCryptos. Unlike its peers, however, CryptoLocally takes a polyamorous approach to cryptocurrency, loving digital assets great and small. In addition to TRX, which was recently added to the platform, CryptoLocally supports BNB, WAX, and stablecoins like BUSD.
The platform’s decision to support stablecoins is a novel one, but also a pragmatic move that is sure to win it a slew of new converts. While stablecoins are easy to obtain and effective at funneling funds between exchanges, converting from stablecoins back into fiat currency can be tricky. Tether, for example, is rarely redeemable by retail traders, who instead tend to buy and sell it on exchanges only. The ability to cash out of stablecoins, including the newly listed USDJ, on CryptoLocally, adds utility for retail users. It also does more to make defi a reality for the many – not just a few – to a degree far greater than most well-funded and highly hyped defi projects.
TRON’s Crypto-Collateralized Stablecoin Rolls Out
TRON is fast evolving into a network for USD transmission, with millions of dollars of USDT now being transferred every day, coupled with the newly issued USDJ which is now beginning to gain traction. Data from Coingecko shows that the majority of USDJ trading is still taking place on Poloniex, where the stablecoin’s sister token, JST, was issued via an IEO in early May, selling out in under five minutes. Coinlore records 24-hour trading volume of $1.3 million for JST, which is designed to serve as a governance token within TRON’s nascent defi ecosystem.
Governance tokens are all the rage right now, with the latest to spring into life being Compound’s COMP. It was issued on June 15, and rapidly climbed as high as $94 per token on Uniswap exchange, giving Compound a fully diluted market cap of almost $1 billion. ICO Analytics has reported that five of the 10 best-performing assets this month have been defi tokens. If JST can gain traction as part of this narrative, it will boost demand for the asset and USDJ across platforms and exchanges including the up-and-coming CryptoLocally.