Tron"s USDD Stablecoin Experiences Fluctuations Again, Drops Below $1 Parity in Early 2023
The Tron-based stablecoin USDD fell below $1 parity again during the first week of 2023 and on Jan. 10. Four days ago, the stablecoin dropped to $0.972 per unit and on Tuesday, Jan. 10, 2023, USDD slipped to $0.977 per unit. At the time of writing, the Tron-issued stablecoin is trading at 98 cents per coin. USDD Stablecoin Dips Down to 97 Cents per Token
There have been some slight fluctuations in USDD’s price at the start of the new year, as the stablecoin has dipped to the 97-cent range on a few occasions in 2023. After Terra’s stablecoin depegging event in May 2022, USDD started to slip slightly below the $1 peg, causing anxiety in the crypto industry. A number of other stablecoins saw similar deviations. On June 19, 2022, USDD reached a low of 92.8 cents per unit, but the stablecoin managed to regain the $1 peg, trading between 98 cents and 99 cents per unit. Tron’s USDD stablecoin 30-day view against the U.S. dollar on Jan. 10, 2023.
In mid-Dec. 2022, USDD deviated from the $1 parity, and Tron’s Justin Sun said that the team deployed more capital. USDD has seen fluctuations in value since Dec. 11, 2022, and it reached a low of $0.971 on Dec. 13, 2022, according to coingecko.com statistics. Last week, a similar instance occurred as the USDD price dipped to $0.972 per unit on Jan. 6, 2023. Charts show that USDD’s action four days later on Tuesday, Jan. 10, 2023, indicates that the stablecoin slid to a low of $0.977 per unit during the past 24 hours. Tron DAO Reserve page on Jan. 10, 2023.
According to the project’s Tron DAO Reserve page, USDD is over-collateralized by 202.41% compared to projects like DAI, which is 120%, and USDT and USDC at 100%. USDD is currently the eighth-largest stablecoin by market capitalization, which is $710.03 million at the time of writing on Tuesday 4 p.m. Eastern Time. The number of USDD in circulation is higher at 725,332,035.
Currently, there is roughly $33.44 million in global USDD trade volume during the past 24 hours. With USDD trading at 97 cents at times, it means that someone who owns 1,000 USDD can only get around $970 in U.S. dollars. Meanwhile, the rest of the top ten stablecoins on Jan. 10, 2023, are trading for USD values between $0.997 to $1. Statistics further show that USDD’s coins in circulation grew by 0.8% over the last 30 days. Tags in this story anxiety, capital, Capitalization, Charts, Circulation, CoinGecko, Crypto, DAI, depegging, deviating, discrepancy, eighth-largest, fluctuation, fluctuations, justin sun, market, over-collateralized, Parity, Price, Stablecoin, Stablecoins, Top Ten, trade volume, trading, trend, tron, TRON DAO Reserve, Tron Stablecoin, USDC, USDD, USDT, Value, volatility
What are your thoughts on the price fluctuations USDD has experienced at the start of 2023? Share your opinion on this topic in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Study Reveals South Korea"s ‘Kimchi Premium’ Strongly Linked to International Remittances to China NEWS | 10 hours ago Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York NEWS | 12 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleStudy Reveals South Korea’s ‘Kimchi Premium’ Strongly Linked to International Remittances to China Next articleUS Arrests ‘Mutant Ape Planet’ NFT Creator in $3M ‘Rug Pull’ Scheme to Defraud Crypto Investors Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether