Just In: Amid Crash, Market Expansion Could Boost This Stablecoin
After suffering brief resistance from traders following the Terra ecosystem meltdown recently, the USDD stablecoin appears to be regaining steadily. Adding to this trend is increasing market expansion for the Tron-backed stablecoin.
Just few days before the Terra crash unfolded, the TRON DAO Reserve introduced USDD as a cryptocurrency with stable price and diverse use cases. It was seen as Tron’s stablecoin version to rival UST.
USDD Volumes Spike
The Tron stablecoin saw a massive upsurge in its daily volumes in the last few days. The surge comes after a temporary dip in stablecoin activity recently. The collapse of Terra UST had an adverse impact on the crypto market as a whole and especially on stablecoins.
The USDD circulating volume jumped by as much as $173 million in the space of just five days, according to CoinMarketCap. From recording a mere $4.73 million in supply on May 15, the supply spiked to $178 million by May 19. As of writing, the USDD market cap stands at $347 million.
Major Exchanges List USDD
Adding to this, top crypto exchanges are listing the USDD stablecoin. In a latest, top exchange Gate.io listed USDD earlier on Friday. Another exchange, LBank is set to list the stablecoin on May 23, it said in an announcement.
Most recently on Tuesday, KuCoin, the leading crypto exchange, listed the decentralized USD on its platform. The exchange supports USDD/USDT and USDD/USDC pairs. The TRON DAO reserve purchased around $38 million worth of TRX, BTC, and Tether to protect its own stablecoin.
The USDD protocol runs on the TRON network, is connected to Ethereum and BNB Chain through the BTTC cross-chain protocol. Also, the network is proposed to be accessible across more blockchains in the future. USDD is pegged to the U.S. Dollar through TRX and maintains its price stability to ensure that users have access to a stable and decentralized digital dollar system that assures financial freedom.
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
