The value of the Tron-based stablecoin USDD has been below $1 since June 12, 2022. USDD traded in a 24-hour range around $0.943 to $0.966 per unit on Monday, after hitting a record low of $0.928 per unit the day before on June 19.Despite Below USD Parity, Tron DAO Reserve Says Stablecoin Has Not Decoupled From Twitter Post Discussing Combination of “On-Chain Mechanisms” [and] Mortgage assets. “
USDD trades below $1 all week
Dollar The greenback has been trading below the greenback for more than a week, hitting an all-time low of $0.928 per unit on Sunday. On the second day of Monday, at the time of writing, the stablecoin was trading at $0.966, setting a 24-hour low of $0.943. USDD is the ninth-largest stablecoin by market cap, at around $696.28 million at 7:00 p.m. ET Monday. Global trading volume for stablecoins is around $83 million, with the top dollar exchanges on Monday including Kucoin, Huobi Global, Poloniex and Pancakeswap Version 2 (V2).
— TRON DAO Reserve (@trondaoreserve) June 20, 2022
The Tron DAO Reserve account on Twitter has been announcing massive purchases of crypto assets to protect the crypto ecosystem. On Monday, the Tron DAO Reserve revealed that it had added $10 million to “protect the entire blockchain industry and crypto market.” Tron DAO Reserve web portal Shows that at the time of writing (7:20pm ET), the stablecoin is overcollateralized by 324.35%. At the time, the website showed that there were $1.080 billion USDC in reserve, 140,013,886 Tether (USDT), 14,040.6 Bitcoin (bitcoin) and 10,874,566,176 tron (TRX).
While the stablecoin is trading below $1 per unit, the official Twitter account of the Tron DAO Reserve says that the U.S. dollar cryptoasset has yet to decouple. “USDD decoupling?” recent Twitter account ask. “No. USDD is a decentralized stablecoin that relies on on-chain mechanisms and collateral assets, unlike pre-USDC centralized stablecoins, which are minted and redeemed by banks with very tight spreads to the U.S. dollar Connected.” Tron DAO Reserve said a certain percentage of volatility is “inevitable.” USDD Financial Organization Add to:
At present, the market volatility is within ±3%, which is an acceptable range. We will closely monitor the market and act accordingly.
Tron DAO Reserve says USDD ecosystem aims to focus on collaboration and multi-chain scaling
Tron DAO Reserve also discussed Bet on tron’s “massive short position” (TRX), the native crypto asset of the blockchain. USDD is not the only stablecoin in the crypto industry that suffers a certain percentage of volatility. Decentralized Finance (defi) protocol Abracadabra’s stablecoin MIM Dropped briefly to $0.91 When Bitcoin (bitcoin) fell to $17,600 a unit two days ago.Since then, Abra Cadabra Magical Internet Money (MIM) Has recovered to the $0.99 range.
In addition, stablecoins Neutrino Dollar (USDN) It has been volatile in the market carnage of the past week. USDN is a stablecoin produced by the Waves (WAVES) protocol in a smart contract, minting USDN involves staking WAVES. Like MIM, USDN has managed to return to the $0.99 range.
As far as USDD is concerned, Tron DAO reserves do not appear to be trading below $1 parity. Tron DAO Reserve stated in a recent Twitter post that it aims to become the leader in decentralized stablecoins. “We will focus on collaboration and multi-chain scaling with different cefi/defi platforms. Our goal is to provide the best decentralized stablecoin on the market,” Tron DAO Reserve’s Twitter thread Finish.
How do you feel about the USDD market over the past week? Do you agree with Tron DAO Reserve’s explanation? Let us know what you think about this topic in the comments section below.
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