Tron’s USDD Approaches $1 After Two Weeks Riding Around $0.92
From June 13 to June 27 (about 2 weeks), Tron’s stablecoin USDD fell below the $1 peg and slid to as low as $0.928 on June 19. Over the past 7 days, it managed to rally back to $0.98, $0.99, and hit $1 on July 1.
USDD is a stablecoin issued on the Tron Network. Its value slipped below the $1 latch maintained until June 13. Prior to that date, the stablecoin’s chart looked similar to a flat line holding a steady value of around $0.994 to $1.
However, between June 13 and 15, the fiat value of USDD dropped to as low as $0.964. At the time, the TRON DAO Reserve collateralized stablecoins with cryptocurrencies like TRX and USDC. During the same period, the value of Bitcoin and several other top coins dropped significantly.
On June 18, the crypto economy rocked, and at around 18 p.m. UTC, BTC hit its 2022 low at $17,593. The next day, Tron’s USDD hit an all-time low of $0.928.
On June 27, USDD returned to the $0.98-0.99 range and has been trading there ever since, with a brief spike to $1 on July 1. While the stablecoin has had a 2-week drop below normal, the TRON DAO Reserve continues to add more collateral to the project.
At the time of writing, the project’s reserve page notes that there are 723.32 million USDD in circulation. The site details that Tron’s stablecoin is currently 313.5% over-collateralized, with 4 different cryptocurrencies supporting the project, including 10,874 billion TRX, 14,040.6 BTC, 140 million USDT, and 990 million USDC.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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