USDD Continues to Trade Under $1 - Tron DAO Reserve Insists Stablecoin Is Not Depegged

USDD Continues to Trade Under $1 — Tron DAO Reserve Insists Stablecoin Is Not Depegged – Bitcoin News

Since June 12, 2022, the Tron-based stablecoin USDD has remained below the US dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit, and on June 19 the previous day USDD hit an all-time low of $0.928 per unit. Despite being below the US dollar parity, Tron DAO Reserve says the stablecoin hasn’t left in a Twitter thread discussing a combination of “on-chain mechanism”. [and] secured assets.”

All Weekly USDD Transactions Under $1

USDD has been trading below the US dollar for more than a week and on Sunday, USDD hit an all-time low of $0.928 per unit. The day after Monday, the stablecoin changed hands at $0.966 at the time of writing, hitting a 24-hour low of $0.943. USDD is the ninth largest stablecoin by market capitalization, with approximately $696.28 million as of Monday evening at 7:00 PM ET. Stablecoin has seen around $83M in global trading volume, and top USDD exchanges on Monday include Kucoin, Huobi Global, Poloniex and Pancakeswap version two (V2).

The Tron DAO Reserve account on Twitter announced multiple crypto asset acquisitions to protect the crypto ecosystem. On Monday, Tron DAO Reserve announced that it has added ten million USDC to “protect the overall blockchain industry and crypto market.” The Tron DAO Reserve web portal shows that the stablecoin is over-collateralized by 324.35% at the time of writing at 19:20 ET. At that time, the website indicates that there are 1,080 billion USDC, 140,013,886 tethers (USDT), 14,040.6 bitcoins (BTC) and 10,874,566,176 trons (TRX) in reserve.

While the stablecoin is trading under $1 per unit, Tron DAO Reserve’s official Twitter account says that the USDD crypto asset is not leaving. “Is USDD depegged?” recent twitter account she asked. “Number. USDD is a decentralized stablecoin based on an on-chain mechanism and collateralized assets, unlike USDC, which is tied with a very close spread to the USD by banking mint and redemption. Tron DAO Reserve states that a certain percentage of volatility is “inevitable” said USDD treasury agency Additional:

Currently, market volatility is within an acceptable range of +-3%. We will monitor the market very closely and act accordingly.

Tron DAO Reserve Says USDD Ecosystem Aims To Focus On Collaboration And Multi-Chain Expansion

Tron DAO Reserve also discussed “Large open positions” betting against tron ​​(TRX), the blockchain’s native crypto asset. USDD is not the only stablecoin in the crypto industry to suffer from a certain degree of volatility. The stablecoin MIM of decentralized finance (defi) protocol Abracadabra briefly dropped to $0.91 when bitcoin (BTC) dropped to $17,600 per unit two days ago. Since then, Abracadabra’s magic internet money (MIM) has returned to the $0.99 range.

Also, the stablecoin neutrino usd (USDN) has been volatile during the market carnage last week. USDN is a stablecoin crafted by the Waves (WAVES) protocol in a smart contract, and minting USDN involves collateralizing WAVES. Like MIM, USDN has managed to return to the $0.99 range.

As far as USDD is concerned, the Tron DAO Reserve doesn’t seem to be sweating from being below $1. Tron DAO Reserve stated in its latest Twitter thread that it aims to be the top dog of decentralized stablecoins. “We will focus on collaborations with different cefi/defi platforms and multi-chain expansion. Tron DAO Reserve’s Twitter thread, we aim to offer the best decentralized stablecoin ever available in the market. comes to the conclusion.

Tags in this story

Abracadabra, Cefi, collateral, DeFi, Dollar-Pegged, justin sun, Magic Internet Money, MIM, multichain, neutrino usd, overcollateralized, Stablecoin, Tron (TRX), Tron Blockchain, TRON DAO Reserve, trx, TVL, US dollar, USDC , USDD, USDD ecosystem, USDD Stablecoin, USDN, USDT, WAVES

What do you think about the USDD market last week? Do you agree with the explanation of Tron DAO Reserve? Let us know what you think about it in the comments section below.

Jamie Redman

Jamie Redman is a News Editor at News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for News about the disruptive protocols that emerged today.

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