USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists Stablecoin Has Not Depegged – Bitcoin News

Since June 12, 2022, the Tron-based stablecoin USDD has remained below one US dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day before June 19, USDD saw an all-time low of $0.928 per unit. Despite the US Dollar trading below par, Tron DAO Reserve says the stablecoin has not landed in a Twitter thread discussing the combination of an “on-chain mechanism”. [and] collateral property. ,

USDD trades below $1 for a full week

The USDD has been trading below a US dollar for over a week and on Sunday the USDD tapped an all-time low of $0.928 per unit. The following day on Monday, the stablecoin was exchanging hands for $0.966 at the time of writing, and it saw a 24-hour low of $0.943. USDD is the ninth-largest stablecoin by market capitalization, with approximately $696.28 million on Monday at 7:00 pm (ET). The stablecoin has seen nearly $83 million in global trading volume and on Monday the top USDD exchanges included Kucoin, Huobi Global, Poloniex, and Pancakeswap version two (V2).

To protect the entire blockchain industry and crypto market, TRON DAO Reserve has allocated 10,000,000 . have bought #USDD Feather #tron,

— Tron DAO Reserve (@trondaoreserve) 20 June 2022

The Tron DAO reserve account on Twitter is announcing a number of crypto asset purchases to protect the crypto ecosystem. On Monday, Tron DAO Reserve revealed that it has added ten million USDC to “protect the overall blockchain industry and crypto market.” The Tron DAO Reserve web portal indicates that the stablecoin is up over 324.35% at the time of writing at 7:20 pm (ET). At the time, the website shows that there are 1.080 billion USDC, 140,013,886 Tether (USDT), 14,040.6 Bitcoin (BTC), and 10,874,566,176 Tron (TRX) in reserve.

While the stablecoin is trading for less than $1 per unit, the official Twitter account of Tron DAO Reserve says that the USDD crypto asset has not been undervalued. “Is USDD depegged?” recent twitter account Asked, “No. USDD is a decentralized stablecoin that relies on an on-chain mechanism and collateralized assets, in contrast to the centralized stablecoin of USDC, which is very closely tied to USD by the banking mint and redemption. Tron DAO Reserve Says A Certain Percentage Of Volatility Is “Unavoidable.” USDD Treasury Organization couple,

Currently, the market volatility rate is +- 3%, within an acceptable range. We will watch the market very closely and act accordingly.

Tron DAO Reserve says USDD ecosystem aims to focus on collaboration and multichain expansion

Tron DAO reserve too discussed “Massively short positions” that were betting against Tron (TRX), the native crypto asset of the blockchain. USDD is not the only stablecoin in the crypto industry that suffers from a certain percentage of volatility. When bitcoin (BTC) fell to $17,600 per unit two days ago, decentralized finance (DeFi) protocol Abracadabra’s stablecoin MIM briefly dropped to $0.91. Since then, Abracadabra’s Magic Internet Money (MIM) has bounced back to the $0.99 range.

Furthermore, the stablecoin Neutrino USD (USDN) has been volatile during the market carnage last week. USDN is a stablecoin generated by the Waves (WAVES) protocol in a smart contract and the minting of USDN involves collateralizing WAVES. Like MIM, USDN has managed to move back into the $0.99 range.

As far as USDD is concerned, the Tron DAO reserve is not sweating below the $1 parity. Tron DAO Reserve explained in a recent Twitter thread that it aims to become the top dog of decentralized stablecoins. “We will be focusing on collaboration with various CEFI/DeFi platforms and multichain expansion. We aim to offer the best decentralized stablecoins available in the market,” Tron DAO Reserve’s Twitter thread said. have concluded,

What do you think about the USDD market last week? Do you agree with Tron DAO Reserve’s explanation? Let us know what you think about this topic in the comment section below.

Jamie Redmayne

Jamie Redmayne is the News Lead at Bitcoin.com News and a financial tech journalist based in Florida. Redmayne has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open-source code, and decentralized applications. Since September 2015, Redmayne has written over 5,000 articles for Bitcoin.com News about the disruptive protocol emerging today.