Tron Stablecoin Reaches Key Milestone Amid Bearish Trends

Amid uncertainty over the reliability of stablecoins and bearish trends in the crypto market, one stablecoin continues to shine. The recent meltdown of Terra ecosystem brought to the fore the trustworthiness of various stablecoin projects, including the USDD stablecoin.

Meanwhile, the Terra ecosystem is preparing for migration to Terra 2.0 and the LUNA airdrop. After the Terra network collapse, the community of users, developers and validators have been supporting revival plans. Terra’s founder Do Kwon proposed to create a new Terra chain, dropping the plan to fork the Terra chain.

USDD Steady Growth

USDD, the decentralized algorithmic stablecoin based on TRON, is on a growth spree despite an overall cryptocurrency market crash. The market cap of the stablecoin has been growing leaps and bounds ever since it launched earlier this month.

UST’s success before the crash led to new entrants exploring the stablecoins in the crypto market. Tron launched the USDD stablecoin on May 5 and since then gained attention from the industry.

As of writing, the market cap of USDD stands at $603 million, according to CoinMarketcap. From having a market cap of $378 million on May 21 to surpassing the $600 million mark on Saturday, the growth has been consistent.

The USDD team stated that the milestone has been reached within the first month of its launch.

“The total supply of $USDD has surpassed 600 million within the first month of its launch! Our stablecoin $USDD is growing much stronger!”

USDD Survives Market Turbulence

After managing to survive the recent UST crash, USDD entered the tally of the 100 largest cryptocurrencies in just a few weeks of its launch. Currently the stablecoin stands at rank 72 in terms of market capitalization.

The Tron stablecoin saw a massive upsurge in its daily volumes in the last few weeks. The rise comes after a temporary dip in stablecoin activity following the market crash. The collapse of UST had a negative impact on the market as a whole and especially on stablecoins.

Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.