P2P exchange CryptoLocally has become the first platform of its kind to support USDJ and JST. The two tokens, issued on the TRON network, join assets such as TRX and BUSD on the peer-to-peer exchange. CryptoLocally has been adding digital assets with gusto all year as it seeks to cement its status as the home of peer-to-peer defi and stablecoin exchange in a trusted environment. Sellers can cash out digital assets and receive payment via bank transfer, Venmo, PayPal, and around a dozen other options.
While competing P2P platforms have limited themselves to just a handful of assets (BTC in the case of LocalBitcoins and BTC, ETH, and LTC for LocalCryptos), CryptoLocally has welcomed assets great and small, stable and volatile. In a tweet on June 15, the TRON Foundation declared its delight at USDJ and JST being added to CryptoLocally. Stablecoins have traditionally been hard to acquire without going through fully KYC’d channels, while selling them for fiat has been harder still. CryptoLocally connects the fiat and crypto rails, reducing friction for newcomers to the world of digital assets and the decentralized finance systems they power.
TRON Just Keeps Evolving
TRON has been experiencing a whirlwind year, buoyed by new acquisitions, integrations, sidechains and a forthcoming mainchain upgrade in the form of TRON 4.0. This will introduce such features as private transactions and tools for enterprises seeking to create their own blockchain networks that connect to TRON. TRX is up 21% for the year to date according to CoinCodex as investors have bought into the bullish narrative that TRON’s supporters, including the ebullient Justin Sun, have been dispensing.
Although still a firm favorite with gamblers and gamers, TRON’s use cases have expanded following the creation of JST and USDJ. The latter serves as a crypto-collateralized stablecoin, akin to Maker’s DAI, while JST is the governance token that has analogies to MKR and COMP. It remains to be seen whether TRON can capture a chunk of the burgeoning defi market from Ethereum, just as it did with dApps, but whatever the case, the ability to transfer stable assets quickly and at low cost on TRON is a compelling value proposition. The participation of exchanges and platforms, including CryptoLocally, through supporting USDJ will expedite this, while making it easier to enter the cryptoconomy for users the world over.