USDD Trades Below $1 for an Entire Week — Has Not Depegged

USDD Trades Below $1 for an Entire Week — Has Not Depegged

The Tron-based stablecoin USDD has been trading below the US dollar since June 12, 2022. USDD had a 24-hour trading range of about $0.943 to $0.966 per unit on Monday, and an all-time low of $0.928 per unit the day before on June 19. In a Twitter discussion about a combination of a “on-chain mechanism

The Tron-based stablecoin USDD has been trading below the US dollar since June 12, 2022. USDD had a 24-hour trading range of about $0.943 to $0.966 per unit on Monday, and an all-time low of $0.928 per unit the day before on June 19. In a Twitter discussion about a combination of a “on-chain mechanism [and] collateralized assets,” the Tron DAO Reserve claims the stablecoin has not depegged despite being below the US dollar parity.

For more than a week, USDD has been trading at a low to the US dollar, and on Sunday, it hit an all-time low of $0.928 per unit. The stablecoin was trading at $0.966 on Monday, and it had hit a 24-hour low of $0.94. On Monday evening at 7:00 p.m., USDD was the ninth-largest stablecoin by market capitalization, with around $696.28 million (ET). The stablecoin has witnessed about $83 million in global transaction activity, with Kucoin, Huobi Global, Poloniex, and Pancakeswap among the leading USDD exchanges on Monday.

On Twitter, the Tron DAO Reserve account has been announcing a number of crypto asset purchases in order to protect the crypto ecosystem. The Tron DAO Reserve announced on Monday that it had added ten million USDC to “protect the overall blockchain sector and crypto market.” At the time of writing at 7:20 p.m., the Tron DAO Reserve web portal shows that the stablecoin is overcollateralized by 324.35 percent (ET). The website indicates 1.080 billion USDC, 140,013,886 tether (USDT), 14,040.6 bitcoin (BTC), and 10,874,566,176 tron in the reserve at the time (TRX).

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