USDD Algorithmic Stablecoin Launched on Tron Network
On May 5, the algorithmic stablecoin USDD was released and put into circulation on the Tron network. The asset is also available on Ethereum and BNB Chain via the BTTC cross-chain protocol.
The Tron team announced the launch of the stablecoin at the end of April. The coin is backed by the network’s native token TRX and presumably $10B in liquid assets.
Against this background, Tron announced that the total value of funds blocked in DeFi blockchain projects (TVL) has reached a record high of more than $10B.
#TRON #usdd #stablecoin
On May 5, the algorithmic stablecoin USDD was released and put into circulation on the Tron network. The asset is also available on Ethereum and BNB Chain via the BTTC cross-chain protocol.
The Tron team announced the launch of the stablecoin at the end of April. The coin is backed by the network’s native token TRX and presumably $10B in liquid assets.
Against this background, Tron announced that the total value of funds blocked in DeFi blockchain projects (TVL) has reached a record high of more than $10B.
#TRON #usdd #stablecoin
Tron will not abandon USDD
The Tron ecosystem won't abandon the algorithmic stablecoin USDD despite the collapse of UST and LUNA. It was reported by CoinDesk. According to project founder Justin Sun, the Terraform Labs product was ruined by too rapid growth and a lack of sufficient funds in the reserve fund.
Sun believes that the Terra ecosystem didn't collapse because the concept of algorithmic stablecoins isn't viable. He explained that LUNA was heavily leveraged. In addition, it had grown to an "impressive market capitalization" too quickly.
In May, TRON DAO Reserve started buying BTC and TRX to back USDD. Sun said that the DAO also acquired the "classic" stablecoins — USDT, USDC, and TUSD. In his opinion, the presence of these assets will quickly provide the liquidity necessary for the stability of the USDD in a volatile market.
#FUJI_news #tron #usdd #stablecoin
The Tron ecosystem won't abandon the algorithmic stablecoin USDD despite the collapse of UST and LUNA. It was reported by CoinDesk. According to project founder Justin Sun, the Terraform Labs product was ruined by too rapid growth and a lack of sufficient funds in the reserve fund.
Sun believes that the Terra ecosystem didn't collapse because the concept of algorithmic stablecoins isn't viable. He explained that LUNA was heavily leveraged. In addition, it had grown to an "impressive market capitalization" too quickly.
In May, TRON DAO Reserve started buying BTC and TRX to back USDD. Sun said that the DAO also acquired the "classic" stablecoins — USDT, USDC, and TUSD. In his opinion, the presence of these assets will quickly provide the liquidity necessary for the stability of the USDD in a volatile market.
#FUJI_news #tron #usdd #stablecoin
USDT holders have withdrawn $10B into fiat
Since the beginning of May, Tether Holdings Limited has bought $10B worth of tokens from USDT holders. It was reported by The Guardian.
The publication notes that users began to go into fiat amid the collapse of the algorithmic stablecoin UST and the LUNA token. On May 12, the price of USDT briefly lost parity against the US dollar — then the issuer redeemed $600M worth of assets in a day, according to Tether CTO Paolo Ardoino.
The media indicates that over the past few days, Tether has redeemed USDT for a total of $2.5B. The capitalization of the asset exceeds $73B, according to CoinGecko.
#fuji_news #stablecoin #UST #USDT #tether #crypto
Since the beginning of May, Tether Holdings Limited has bought $10B worth of tokens from USDT holders. It was reported by The Guardian.
The publication notes that users began to go into fiat amid the collapse of the algorithmic stablecoin UST and the LUNA token. On May 12, the price of USDT briefly lost parity against the US dollar — then the issuer redeemed $600M worth of assets in a day, according to Tether CTO Paolo Ardoino.
The media indicates that over the past few days, Tether has redeemed USDT for a total of $2.5B. The capitalization of the asset exceeds $73B, according to CoinGecko.
#fuji_news #stablecoin #UST #USDT #tether #crypto
Tether denies rumors of Chinese commercial paper dominance in reserves
Tether has called false rumors that USDT's stablecoin reserves are backed with Chinese commercial paper by 85%, which trades at a 30% discount.
The firm suggested that the information was being spread by some coordinated funds to generate additional profits in an already stressed market.
The stablecoin issuer recalled that it is steadily reducing the share of commercial paper in reserves. As of March 31, it was 25%. Whereas US Treasuries accounted for 47%.
#fuji_news #crypto #tether #usdt #stablecoin
Tether has called false rumors that USDT's stablecoin reserves are backed with Chinese commercial paper by 85%, which trades at a 30% discount.
The firm suggested that the information was being spread by some coordinated funds to generate additional profits in an already stressed market.
The stablecoin issuer recalled that it is steadily reducing the share of commercial paper in reserves. As of March 31, it was 25%. Whereas US Treasuries accounted for 47%.
#fuji_news #crypto #tether #usdt #stablecoin