MEXCTron Stablecoin Reaches Key Milestone Amid Bearish Trends
Amid uncertainty over the reliability of stablecoins and bearish trends in the crypto market, one stablecoin continues to shine. The recent meltdown of Terra ecosystem brought to the fore the trustworthiness of various stablecoin projects, including the USDD stablecoin.
Meanwhile, the Terra ecosystem is preparing for migration to Terra 2.0 and the LUNA airdrop. After the Terra network collapse, the community of users, developers and validators have been supporting revival plans. Terra’s founder Do Kwon proposed to create a new Terra chain, dropping the plan to fork the Terra chain.
USDD Steady Growth
USDD, the decentralized algorithmic stablecoin based on TRON, is on a growth spree despite an overall cryptocurrency market crash. The market cap of the stablecoin has been growing leaps and bounds ever since it launched earlier this month.
UST’s success before the crash led to new entrants exploring the stablecoins in the crypto market. Tron launched the USDD stablecoin on May 5 and since then gained attention from the industry.
As of writing, the market cap of USDD stands at $603 million, according to CoinMarketcap. From having a market cap of $378 million on May 21 to surpassing the $600 million mark on Saturday, the growth has been consistent.
The USDD team stated that the milestone has been reached within the first month of its launch.
“The total supply of $USDD has surpassed 600 million within the first month of its launch! Our stablecoin $USDD is growing much stronger!”
USDD Survives Market Turbulence
After managing to survive the recent UST crash, USDD entered the tally of the 100 largest cryptocurrencies in just a few weeks of its launch. Currently the stablecoin stands at rank 72 in terms of market capitalization.
The Tron stablecoin saw a massive upsurge in its daily volumes in the last few weeks. The rise comes after a temporary dip in stablecoin activity following the market crash. The collapse of UST had a negative impact on the market as a whole and especially on stablecoins.
- Bitget’s Institutional Volume Hits $23.1 Billion as UEX Framework Gains Global Momentum
- Breaking: Grayscale Joins Bitwise, Launches Solana ETF Covering Spot and Staking Features
- FOMC Meeting Today: Where to Watch and Key Expectations for Crypto Market
- Changpeng ‘CZ’ Zhao Confirms Defamation Lawsuit Plans Against Sen Elizabeth Warren
- Pi Coin Gains Another 15% As Pi Network Joins ISO 20022 For Seamless Banking Integration
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
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.
