Between June 13 and June 27, or roughly two weeks, the Tron stablecoin USDD fell below the $1 parity and dropped to a low of $0.928 per unit on June 19. During the past seven days, USDD has managed to jump back to $0.98. The $0.99 area while reached on July 3 at $1.
Tron’s USDD stablecoin climbs above $0.98 per unit
USDD, the stablecoin issued on top of the Tron network, saw its price slip below the typical $1 parity prior to June 13. Prior to that day, the stablecoin’s chart looked similar to an electrocardiogram flatline, with a stable value of around $0.994. $1.
However, between June 13 and June 15, the legal value of USDD fell to a low of $0.964 per unit. At the time, the Tron Reserve DAO used crypto assets such as . collateralized stable currency with Tron (TRX) And USD Coin (USDC), During that time, Bitcoin (BTC) and many other top crypto assets had fallen significantly in value.
On June 18, the crypto economy shuddered and around 2 pm (ET), BTC hit a 2022 low of $17,593 per unit. The next day, Tron’s USDD reached an all-time low of $0.928 per unit for the stablecoin.
Eight days later, on June 27, USDD managed to bounce back into a range of $0.98 to $0.99, and it is trading for that price, with a brief spike on July 3 to $1 per unit, while the stablecoin I had two weeks. Moving below the normal rate, the Tron Reserve DAO continued to add more collateral to the project.
At the time of writing, the project’s reserve page notes that there is $723.32 million in circulation. The web page details that USDD has risen over 313.5% at the time of writing, with four different crypto assets backing the project.
The assets include 10.874 billion Tron, 14,040.6 bitcoin, 140 million Tether and 990 million USD tokens. While USDD saw a below-normal two-week price run during the crypto market slump, some other stablecoins also fell below normal in value.
Top 9 Stablecoins By Market Cap
Bitcoin.com News reported Abracadabra stablecoin MIM sliding to $0.91 and Waves stablecoin Neutrino USD (USDN) sliding to $0.931 per unit. While USDD has held a stable price range over the past week, USDN is exchanging hands for $0.987 while MIM is swapping for $0.993.
Tron Reserve DAO continues Cylinder stable currency backing with reserves and it has been buy back USDD with assets as well. Stablecoins have everything Viewed examples Where the value of the coin is less than the expected $1 parity. However, stablecoins such as Nubits, Empty Set Dollar, Titan and Basis Cash have all failed and the recent explosion of Terased (UST) has raised much concern and concern about the potential for more stablecoin failures.
Concerns have been directed at some of the largest stablecoins in the industry and several smaller stablecoins with low liquidity by capitalization. Meanwhile, the top nine stablecoins in terms of market valuation are trading for $0.98 to $1 per coin this week.
What do you think about USDD climbing back from $0.98 to $0.99 area? Let us know what you think about this topic in the comment section below.
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