NewsletterJust 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.
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