Tron News Today – Tron has made the news once more for good reasons. This time the CEO of the network announced that his new dollar-backed stablecoin called JUST sold out under five minutes of launch. The USD pegged stablecoin, is reportedly the first token to be launched on the Poloneix’s crypto exchange new IEO (Initial Exchange Offering) platform LaunchBase.

Note that Poloniex exchange is partially owned by Sun. Last month the exchange said that the new stablecoin will be generated from Tron’s TRX via a Collateralized Debt Position on JUST’s platform. JUST is the new USD-backed stablecoin created by Tron’s Justin Sun.

Tron Faced a Class Action Lawsuit Just Before JUST Was Launched

Just before the launch of Sun’s new Poloniex token sale platform in April, the Tron network was served a class-action lawsuit over violations of United States securities laws. This is for connection to the sale of TRX tokens. The complaint is a part of the set of “Red Wedding” lawsuits that were filed against Binance exchange and, BitMex, plus other major crypto firms. All suits alleged the illegal sales of digital assets associated with ICOs.

Over the last few years, cryptocurrency sales, ICOs, and IEOs have been heavily scrutinized by regulatory authorities including the United States SEC (Securities and Exchange Commission). What’s more? Just as the trade volume of stablecoins continues to explode across the crypto sector, regulators around the globe are noticing the potential “risk to financial stability” from the rise in relevance of stablecoins.

Facebook’s Cryptocurrency Project Libra, is Behind the Rise in Stablecoin Relevance

It is safe to say that Facebook’s Libra project is largely part of the reasons investors now trust stablecoins more. This has placed them in the spotlight. However, even though stablecoins were recently acquiescing to the demands of regulators, some US regulators still believe that the Libra digital asset qualifies as a security. Hence it should be regulated as a security.

Meanwhile, the overall market cap of stablecoins has boomed in the past few weeks. The value is now $10 billion as the world panics to grab the dollar liquidity. This comes at a time when the global economic crisis that has largely been triggered by the coronavirus pandemic. Tether is currently dominating the stablecoin leaderboard. It holds a total market cap of $7.5 billion. The issue now is that with Sun’s new stablecoin offering, the war over the supreme stablecoin may have just started heating up.