TronDAO Adds $300 Million to Reserves, USDD Remains Unpegged
TronDAO increases its reserve pool liquidity injections to support its new stablecoin, USDD. Since its introduction, it appears that its collateral rate has climbed by over 60%.
TronDAO’s collateral rate reaches a new record with another $300 million in USDC
TronDAO contributed another amount of liquidity to its USDD reserves, according to an official notice made on its Twitter account. The reserves pool received a total of $300 million in USD Coin (USDC) equivalent.
Following this transaction, the collateral rate (the proportion of a stablecoin’s liquid supply to its reserves) surpassed the 300 percent mark.
USDD developers claimed that the stablecoin went online on June 5, 2022, with a collateral rate of 200 percent. Its documentation ensures a collateral rate of at least 130 percent.
In addition, despite the USD depreciation, the APY on the USDD/USDT pair in the Sun.io protocol has nearly hit 50%. This is over 150 percent more than Anchor Protocol supplied before to its demise.
Despite significant liquidity injections, the USD is remains de-pegged
However, despite this enhanced liquidity injection frenzy, the USDD peg to the price of the US Dollar has yet to be recovered. Its price has risen from $0.95 to $0.977 in the last two days.
For the fifth day in a row, H.E. Justin Sun and TronDAO have defended the USDD concept against attacks. Only eight days after its mainnet launch, the stablecoin was de-pegged on June 13, 2022.
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