Despite all of the turmoil surrounding stablecoins over the previous month, Tron’s USDD has made substantial progress. The stablecoin has hit some significant milestones since its introduction exactly one month ago.
USDD has been promoted to the ‘first over-collateralized decentralized stablecoin,’ according to the TRON DAO Reserve.
The currency has a total circulating supply of approximately 700 million, with the greatest collateral ratio in the world. USDD’s collateral ratio is 205.54 percent, according to the most recent numbers on its website.
“As one of the most secure decentralized stablecoins, USDD enjoys a guaranteed collateral ratio of at least 130%. While allowing the TRON DAO Reserve members to continue minting USDD by burning TRX, the upgrade consolidates USDD’s stability and credibility by over-collateralizing assets under the TRON DAO Reserve (TDR),” in a blog post, the USDD tea said.
The TRON DAO Reserve account presently contains 10,500 BTC, 240 million USDT, and 1.9 billion TRX. This is on top of the existing 8.29 billion TRX in the burning contract. The real-time collateral ratio is now over 200 percent, implying that the 667 million USD in circulation is backed by a total of $1.37 billion in assets.
BTC, TRX, and a variety of stablecoins such as USDC, USDT, TUSD, and USDJ would make up the reserve assets, which would support USDD at a 130 percent ratio.
Meanwhile, some governments are considering legislation to regulate stablecoins. The United Kingdom has recently stepped up to fill the void in crypto-related regulation.
Will June be positive for TRON?
As demand for the ecosystem remains, the Tron price has began June on a high note. TRX is currently trading at $0.089, up 73 percent from its low point in January of this year. It is trading around it’s all-time high, with a total market capitalization of approximately $8.3 billion.
Tron has been used to create 9 DeFi applications, according to DeFi Llama. These apps have a total value locked (TVL) of more over $6.15 billion, making them the industry’s third-largest player.