Tron’s stablecoin USDD fell below the $1 parity between June 13 and June 27, roughly two weeks. It dropped to $0.928 per unit June 19. USDD has seen a reversal in the $0.98- $0.99 range over the past seven days and reached $1 on July 3.
The Tron network issued the stablecoin USDD. It saw its value drop below the $1 parity it had held before June 13. The stablecoin chart was similar to an electrocardiogram flatline, with a stable value between $0.994 and $1.
However, USDD’s fiat currency dropped to $0.964 per unit between June 13th and the 15th. Tron Reserve DAO secured the stablecoin by collateralizing it with crypto assets like tron and USDC. Bitcoin ( ) as well as a variety of top crypto assets fell in value during that period.
The crypto economy was shaken on June 18th. At 2 p.m. ET reached a 2022 low of $17,593 per Unit. Tron’s USDD fell to $0.928 per unit the next day.
On June 27, USDD returned to the $0.98- $0.99 range on June 27th. It has traded at that price since then, with a brief spike of $1 on July 3. The stablecoin experienced a two-week drop in its rate. However, Tron Reserve DAO continued to add collateral to the project.
The project reserve page states that 723.32 million USDD are in circulation at the time of writing. The web page explains that USDD has been overcollateralized by 313.5% as of the writing date, with four crypto assets supporting the project.
Assets include 10.874 trillion tron, 14.040.6 bitcoin, 140million tether and 990 million USD coin. Two weeks ago, USDD experienced a drop in price. This was due to the crypto market downturn. A few other stablecoins also saw lower prices.
Market Cap Remains Stable for Top 9 Stablecoins
Bitcoin.com News reported that Abracadabra’s stablecoin, MIM, fell to $0.91 while Waves stablecoin neutrino USDN (USDN), dropped to $0.931 per Unit. USDD remains stable in price, but USDN trades for $0.987 and MIM swaps for $0.993.
Tron Reserve DAO continues to support stablecoin’s backing by reserves, and it has been buying back USDD using assets. All stablecoins have witnessed instances when the coin’s value is lower than the $1 expected parity. Stablecoins such as nubits and empty set dollars, titan and basis cash all failed, and there has been a lot of concern about possible future failures.
Concerns have been raised about some of the most important stablecoins in industry, as well as smaller stablecoin capitalizations that offer less liquidity. The top nine stablecoins, in terms of market value, traded this week for $0.98 to $1 each token.
