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.
- VanEck and 21Shares Suspend Their Terra ETPs After Recent Collapse
- Major Phishing Attack Targets Users On Crypto Data Sites
- LUNA Update: Terra Founder Proposes Resetting Terra’s Ownership To 1 Billion Tokens
- This US Leader Opposes Fed’s CBDC Plan, Here’s Why
- Breaking: LUNA Back Up, Binance Resumes Deposits And Withdrawals
- FTX CEO Refuses To Sell His Crypto Holdings; But Can He Save Crypto?
- Coinbase Admits Risk To Investor Fund Again, Reiterates Safety
- This LUNA $UST Stablecoin Rival Makes Positive Strides Amid Crash
- Just-In: Canadian Bitcoin ETF Records Largest Single Daily Purchase Of Over $2 Billion
- CZ Reveals Why He Shutdown LUNA And UST Trading On Binance
- Ripple Price Analysis: XRP Price Approaches $0.50; Is Bounce Back Feasible?
- Polkadot Price Analysis: Declining trendline Prevents DOT Price Recovery
- FTM Price Analysis: Retest to Channel Support Hints at Bullish Recovery
- Decentraland Price Analysis: MANA price Jumps 57%; Bulls Target $1.50 Next?
- Ethereum Price Analysis: Is $2,500 On The Way Amid RSI Bullish Divergence?
- GALA Price Analysis: $0.075 Fakeout Triggers A Potential Recovery
- Bitcoin Price Analysis: BTC Price Reclaims $30K Amid Extreme Oversold Market Conditions; Time To Buy?
- BNB Price Analysis: BNB Rebounds From $263 Eyes Next Target of $335
- APE Price Analysis: Can Renewed Bullish Rally Surpass $10 Mark?
- Solana Price Prediction: SOL Price Struggles Below $50.0; Is August Low On Horizon?