Justin Sun: Over 95% of USDJ supply has been repurchased at a premium, with only about $200,000 USDJ remaining in the market

ChainCatcher News, Justin Sun announced that the USDJ phase-out will be carried out according to the principle of 100% 1:1 rigid redemption for users before the snapshot. As a decentralized stablecoin on the TRON network, USDJ is an old version of the SAI project. The official phase-out has been ongoing for over a year, and more than 95% of USDJ has been repurchased at a price higher than 1. Currently, only about $200,000 worth of USDJ remains in the market, which will also be permanently redeemed at a 1:1 rate to ensure the safety of users' assets.

Justin Sun stated that in the future, USDJ will serve as a decentralized TRX exchange contract, and the bottom line during the phase-out is to ensure that no user incurs a loss. The system will close at 22:00 on November 17th (GMT+8), and the final value of USDJ will be set at 1.55 TRX. In the future, this value will fluctuate with the price of TRX, but it will not affect the actual redemption value for users.

He explained that the reason for the phase-out is due to technological upgrades of centralized stablecoins, and the USDJ code is too outdated. The team plans to focus on the development of USDD, so they decided to phase out USDJ. Users do not need to worry about asset security or devaluation issues, as the phase-out plan ensures the rights and interests of all users.