Justin Tron’s Stablecoin USDD deviates from parity at $1, fear of a fate at Luna sets in!


Amid USDD’s fall in value, Tron founder Justin Sun tweeted that his team was “deploy more capital“, and the stablecoin’s usdd.io web portal claims that the project is overcollateralized by 200.8% at the time of writing.

Justin Sun tells the “guys“crypto to stay”stable” as the USDD team deploys more capital.

The Tron USDD stablecoin is the eighth largest dollar-denominated token and it is ranked 57 in terms of largest market cap among thousands of crypto assets. On Monday, the Tron stablecoin fell to $0.969 per token around 2:51 a.m. (ET) and around 8 a.m. USDD was trading at $0.979 per unit. As the Tron stablecoin plummeted in fiat value, Tron founder Justin Sun reassured the public that USDD was an overcollateralized stablecoin by sharing the usdd.io URL.

Dedicated stablecoin web portal Tron claims USDD is over-collateralized by 200.8% as of 8:00 a.m. (ET) on December 12. “In case anyone is wondering about [USDD]the collateralization ratio is 200% on usdd.io “said Justin Sun. “You can check all data live on blockchain 24*7“, added the founder of Tron. Following this statement, Justin Sun tweeted another comment which was once said by Terra co-founder Do Kwon when UST was losing its grip. Justin Sun wrote:

Deploy more capital – regular guys.

This isn’t the first time USDD has broken below $1, as the stablecoin broke below $1 on Nov. 10, 2022, the day before FTX filed for protection. bankruptcy law on November 11. On Nov. 10, the USDD slid as low as $0.976 per unit and returned to the $0.99 range on Nov. 18 around 1:00 p.m. ET.

Tron USDD Stablecoin deviates from $1 parity, Justin Sun says team has deployed more capital.
Tron’s USDD stablecoin on December 12, 2022.

Tron’s stablecoin USDD sank even lower on June 19, 2022, when it fell to $0.928 per unit six months ago. From the first week of July, it regained the parity of 1 dollar until November 7, 2022, when it started to deviate again.

Interestingly, the Tron stablecoin hit an all-time high just over a month ago, when it hit $1.04 per unit on November 9, 2022. At the time of writing, USDD has an aggregate market capitalization of approximately $711.31 million, and an estimated 24-hour global trading volume of $79 million.

The supply of the stablecoin has increased by 0.2% over the past 30 days. Since June 3, 2022 the market capitalization of USDD has increased by 6.6%, from $667 million to $711 million today. Tron’s stablecoin is listed on a myriad of centralized and decentralized exchanges, with Huobi being the most active exchange on December 12.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *