In the midst of the lush green market today, there are two TRON ecological counterparts that are red across the USDD stablecoin, the 7th day PEG drop and the TRX that has been below $0.077 for the past 7 days as well. TRX has slightly rebounded by 0.26%, while Top20 coins added more than 10%.
Specifically, TRON’s USDD stablecoin is an algorithmic stablecoin similar to the recently broken Terra’s UST. Markets are worried about whether or not they will find the same final ending as UST as USDD is still below $1 for the 7th day after the peg drop on Jun 13, where $1 is the value that USDD has to maintain. Always at a rate of 1:1
In the past 24 hours, 1 USDD has been as low as $0.92, and most recently at $0.94, or 6% away from its expected value. It looks like a small percentage of the peg, but it’s still reliable. cannot Because investors learned painful lessons from UST that had pre-collapsed symptoms. in a similar manner
USDD is an algorithmically similar stablecoin to UST, running on the TRON blockchain, linking its value preservation mechanism to TRX coin.
On June 14, ‘Upbit Korea’ made an announcement through their official website. Warn Investing in TRON (TRX) Due to the USDD Peg Drop
Even since the peg price dropped, Project Tron founder Justin Sun has been trying to capitalize. It managed to bring USDD back to $1, but it still didn’t revive the TRX price and USDD was still off its peg for 7 days straight.
[ข่าวที่เกี่ยวข้อง : USDC ทำสถิติปริมาณซื้อขายสูงสุดเป็นอันดับสอง สวนทางตลาดผันผวน]
The global stablecoin market currently stands at $155,422 million, according to CoinMarketCap, with USDD with a market cap of $687 million, the eighth largest of all stablecoins.
First place is Tether (USDT), with a market cap of $67.8 billion, Circle’s USD Coin (USDC), with a market cap of $55.8 billion, and third place is Binance USD (BUSD), with a market cap of $172 billion.
USDC and BUSD are gaining popularity among cryptographers. After the number one USDT lost its peg, the peg slipped on May 12th. Has affected the credibility to a certain extent.
All in all, we need to keep a close eye on the movement of USDD to see if it will eventually be another coin that has caused turmoil in the cryptocurrency market following the UST crisis.
Reference : coinmarketcap
