Stablecoins have become a hot commodity in the cryptocurrency world. In an industry dominated by Tether’s USDT, new contenders pop up to offer much-needed competition. The USDJ stablecoin is evolving quickly, thanks to a few new trading pairs on the Poloniex exchange.
An Overview of USDJ
Fans of the TRON ecosystem will have heard of the USDJ project by now. It is a new stablecoin project that was launched not too long ago on the JUST DeFi platform. The big question is whether enough people are looking for a viable alternative to other stablecoins, such as Tether’s USDT and Binance’s BUSD. Competition is welcome, but gaining traction in this segment is a very different matter altogether.
Even though numerous pegged currencies have become accessible over the years, Tether remains in firm control of this industry. This is primarily because its token is issued across different blockchains. In fact, USDT is issued on the TRON blockchain, where it has seen great success so far. The competition brought tot he table by JUST on the same network will prove interesting to keep an eye on.
Similar to most pegged tokens, USDJ maintains a 1:1 ratio with 1 US Dollar. In terms of the current supply, there are just under 4.27 million USDJ in circulation. Very few markets exist for this asset right now, but that situation may come to change in the near future.
A Golden Opportunity For Poloniex?
Ever since Justin Sun invested in the Poloniex trading platform, major changes have been made. While not everyone thinks this is for the better, the platform is looking a lot better. With a strong focus on TRON and assets issued on this particular blockchain, it is catering to a very specific crowd. If that proves to be successful, it can be further improved to attract other communities.
Regarding the USDJ asset, it is the sixth stablecoin to be listed on Poloniex. It will compete with USDT, USDC, DAI, PAX, and BUSD. This will prove some viable data to determine which of these currencies has the most appeal to traders over time. USDJ Is already more popular than DAI, PAX, and BUSD, but it is still well behind USDC and USDT at this time.
For the time being, USDJ can be traded against BTC, TRX, and BTT on the Poloniex platform. It is, according to Coingecko, also listed on PoloniDEX, BiKi, and Hoo,com. Those two latter platforms paired USDJ with USDT, but no overly impressive volume has been recorded as of yet.
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