The DeFi token jumped after River announced an expansion of its stablecoin infrastructure.
The RIVER token surged to an all-time high on Thursday after the decentralized finance (DeFi) project announced an $8 million strategic investment from TRON founder Justin Sun, as it pushes deeper into stablecoin infrastructure.
At the time of writing, RIVER was trading around $60.24, up 39% over the past 24 hours, according to CoinGecko. The token’s market cap stood near $1.16 billion, with about $42 million in daily trading volume. The move came as the broader crypto market was down roughly 1% on the day.
RIVER also appeared among CoinGecko’s top gainers – and the rally extends beyond Thursday’s jump. The token is up 171% over the past seven days and more than 1,150% over the past month.
Sun’s investment aims to support TRON integration and the rollout of River’s “chain abstraction” stablecoin infrastructure, River said in a post on X. TRON currently has a total value locked (TVL) of $4.7 billion. TRON’s native token, TRX, is up about 2% over the past 24 hours.
River’s platform will center around satUSD, which can be minted 1:1 using USDT, USDD, or USD1, or even backed by assets from other chains. The goal is to bring cross-ecosystem liquidity into TRON while giving users access to TRON-native yield opportunities, River said.
satUSD is set to be used in stablecoin pools alongside USDT and USDD on SUNio. Price feeds will be provided by WinkLink Oracle, and the stablecoin is also expected to be available on the Just ecosystem for lending and borrowing.
The news comes as stablecoin demand remains strong, with the total stablecoin market cap at roughly $309 billion, up from $206 billion just a year ago. Tether’s USDT accounts for about 60% of the market, according to DefiLlama.
