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.
Tron's USDD Approaches $1 After Two Weeks Riding Around $0.92 4

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.

USDD daily chart. Source: TradingView

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.

Source: TRON DAO Reverse

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

2 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

5 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

7 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

7 hours ago

This website uses cookies.