In the midst of an unprecedented meltdown of the Terra blockchain and the market’s subsequent testing of stablecoin prices, another algorithmic stablecoin is making significant strides. In a latest move, Tron’s USDD stablecoin has been officially listed on the Huobi exchange on Friday. The move could significantly help the stablecoin expand its base further.
TRON USDD Spot Trading Soon
Deposits have already opened, while the USDD spot trading will open when the deposit volume meets the demand of market trading, Houbi announced. As of writing, the USDD stablecoin is trading at $0.9994, according to CoinMarketCap.
The TRON DAO Reserve introduced USDD on the blockchain on May 5. This was only few days before Terra’s UST started to show signs of price decline after initially depegging from the $1 threshold. Starting with the depeg on Monday, the UST stablecoin price had since lost 99% of its value.
On Thursday, the Terra blockchain had been subject to a brief halt following severe LUNA inflation and a significantly reduced cost of attack.
Rivalling Terra’s UST Stablecoin
By design, USDD is many ways similar to $UST. It is supposed to maintain a price equilibrium with the U.S. Dollar, while trading between Tron’s TRX and USDD. Tron had on Tuesday bought 500 bitcoin and placed in the blockchain’s reserve for USDD. This was a part of its plans to back the stablecoin with a $10 billion reserve.
The TRON DAO Reserve issued the USDD cryptocurrency with a stable price and diverse use cases. It is designed with a built-in incentive mechanism and a responsive monetary policy which will allow USDD to self-stabilize against any price fluctuations. It also consolidates the value of USDD as a true settlement currency.
Meanwhile, Terra’s decline over the last few days meant troubled waters for the rest of the cryptocurrency ecosystem. With Bitcoin price hovering around the $30,000 mark, the top cryptocurrency saw an over 50% drop from its all time high of $68,990.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?