Tron’s USDD Stablecoin Experiences Fluctuations Again, Drops Below $1 Parity in Early 2023 – Bitcoin News
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The Tron-based stablecoin USDD once again fell below $1 parity in the first week of 2023 and on January 10th. Four days ago, the stablecoin fell to $0.972 per unit and on Tuesday, January 10, 2023, USDD fell to $0.977 per unit. . At the time of writing, the stablecoin issued by Tron is priced at 98 cents per coin.
USDD Stablecoin drops to 97 cents per token
There have been small fluctuations in the price of USDD at the beginning of the new year, as the stablecoin has dropped a few times to the 97 cents region in 2023. After the Terran stablecoin depegging event in May 2022, USDD started to fall slightly below. The $1 mortgage causing anxiety in the crypto industry. Similar anomalies were observed in several other stablecoins. On June 19, 2022, USDD hit a low of 92.8 cents per unit, but the stablecoin managed to regain the $1 peg between 98 cents and 99 cents per unit.
In mid-December 2022, USDD deviated from $1 parity, and Tron’s Justin Sun said that the team used more capital. The value of USDD has fluctuated since 11/12/2022 and reached a low of $0.971 on 13/12/2022 according to coingecko.com statistics. A similar incident happened last week when the price of USDD fell to $0.972 per unit on 01/06/2023. The charts show that USDD action four days later on Tuesday 01/10/2023 shows that the stablecoin fell to a low of $0.977. per unit in the last 24 hours.
According to the Tron DAO Reserve page of the project, USDD is over-collateralized by 202.41% compared to projects like DAI which is 120% and USDT and USDC 100%. USDD is currently the eighth largest stablecoin by market cap, at $710.03 million as of this writing on Tuesday at 4 PM ET. The amount of USDD in circulation is higher at 725,332,035.
Currently USDD has a global trade volume of around $33.44 million in the last 24 hours. With USDD trading at 97 cents at times, that means someone holding 1,000 USDD can only get about $970 in US dollars. Meanwhile, the rest of the top 10 stablecoins as of 01/10/2023 are trading between USD 0.997 and USD 1. Statistics also show that USDD coins in circulation increased by 0.8% in the last 30 days.
What do you think about the price fluctuations experienced by USDD in early 2023? Share your thoughts on this topic in the comment section below.
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