On Monday, December 12, 2022, the Tron-based stablecoin USDD again fell below $1 parity to $0.969. Amid the fall in USDD’s value, Tron founder Justin Sun tweeted that his team was “deploying more capital.” and the stablecoin’s web portal usdd.io claims the project is 200.8% secure at the time of writing.
Justin Sun told cryptocurrencies to remain “steady” as the USDD team deploys more capital
Tron’s stablecoin USDD is the eighth largest dollar-pegged token and the 57th largest market capitalization among thousands of cryptocurrencies. On Monday, Tron’s stablecoin fell to $0.969 per token at 2:51 a.m. ET, and USDD was changing hands at $0.979 per unit at 8:00 a.m. ET. While the Tron stablecoin was losing its fiat value, Tron founder Justin Sun shared the usdd.io URL to convince the public that USDD is an over-secured stablecoin.
Deploying more capital – stable guys
— Do Kwon 🌕 (@stablekwon) May 9, 2022
A website dedicated to the Tron stablecoin claims that USDD was 200.8% oversupplied as of 8:00 a.m. (ET) on December 12th. “If anyone asks about it [USDD]200% guaranteed rate on usdd.io,” said Sun he tweeted. “You can check all the live data on the blockchain 24*7,” said the founder of Tron. Following this statement, Sun tweeted another comment he once said By Terra co-founder Do Kwon while UST loses its pole. Sun wrote:
Deploying more capital – stable guys.
This is not the first time USDD has fallen below $1, as the stablecoin fell below $1 on November 10, 2022, the day before FTX filed for bankruptcy protection on November 11. and returned to the $0.99 range at 1:00 PM ET on November 18th.
Tron’s stablecoin USDD fell further on June 19, 2022, when it fell to $0.928 per unit six months ago. By the first week of July, it had recovered to $1 parity by November 7, 2022, and began to diverge again.
Interestingly, the Tron stablecoin reached an all-time high over a month ago, on November 9, 2022, when it reached $1.04 per unit. At the time of writing, USDD has a total market cap of approximately $711.31 million with an estimated 24-hour global trading volume of $79 million.
The supply of Stabilcoin has increased by 0.2% over the past 30 days. As of June 3, 2022, the market value of USDD increased by 6.6% from $667 million to $711 million today. Tron’s stablecoins are listed on countless centralized and decentralized trading platforms, with Huobi being the most active exchange on December 12.
What do you think about the Tron-based stablecoin breaking out of $1 parity this week? Let us know what you think about this topic in the comments section below.
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