TRON CEO's new stablecoin sold out in four and a half minutes

The CEO of TRON, Justin Sun, recently announced the IEO of his new stablecoin, JUST — also known as USDJ. The coin saw launch yesterday on Poloniex’s token sale platform, LaunchBase. However, anyone who wanted to buy the coin during the IEO has missed their opportunity, at this point. The token sale was over in less than five minutes.

$JST Token sale is complete. Finished in 4 minutes 26 seconds. @Poloniex

— H.E. Justin Sun 👨‍🚀 🌞 (@justinsuntron) May 5, 2020

The first token launches on Poloniex’s LaunchBase

Sun once again displayed how popular his projects can be, and even Poloniex itself was rather impressed by the speed at which the coins disappeared.

🚀$JST tokens sold out in 4 minutes 26 seconds! 🚀 pic.twitter.com/FvjwWjACbI

— Poloniex Exchange (@Poloniex) May 5, 2020

As mentioned, the coin itself is a stablecoin, and it is pegged to the USD. It comes as the first cryptocurrency to see launch on Poloniex’s brand new IEO platform, LaunchBase.

This is also interesting due to the fact that Sun’s other token, BitTorrent token (BTT) was the first token to see a launch on Binance Launchpad. Of course, this was back in January 2019.

Poloniex also recently revealed that the stablecoins would come from the existing TRX tokens. This will be possible thanks to a procedure called Collateralized Debt Position on the JUST platform.

TRON sees lawsuit for illegal token sale

Sun’s crypto projects have been making headlines recently, although not all for the right reasons. Just before the launch of the new stablecoin, Sun’s main project, TRON, saw a class-action lawsuit.

The project was sued due to the alleged violation of the securities laws in the US. The violation supposedly came back during the sale of TRX tokens. However, this complaint was a part of a much greater lawsuit, which targeted multiple major crypto firms.

Giants like Binance, BitMEX, and others also got included, allegedly due to illegal token sales. This is, of course, not that surprising, considering that ICOs and IEOs have been under attack for several years, now.

Of course, the regulators see Facebook’s Libra as the biggest threat, and it is likely that fears of this project caused the SEC to crack down on stablecoins.