USDD Stablecoin Users Increased by 500% In Q3
One of the foremost crypto information aggregators, Messari tools, in its November 3 report, has revealed that Tron stablecoin USDD has broken out of its slump, with a 500% increase in users in Q3.
A Positive Growth
The report is accompanied by carefully highlighted records of the stablecoin growth trajectory from Q1 to Q3 and the possible prospects for Q4 based on metrics.
Tweets from Messari’s official account stated:
“1/ As @trondao’s $USDD returned to peg following the Q2 chaos, supply growth stagnated.
A positive growth metric was the number of wallets holding $USDD, which saw 5x growth over Q3. The increased adoption is needed for $USDD supply and $TRX value.”
These reports portend a better performance for the dollar-pegged stablecoin from now on; recall that it depegged in Q2 2022. The number of holders grew from an all-time low of 20,795 to 120,698 between Q2 and Q3, which amounts to a 480% increase. With a -5.3% reserve decline despite the 9.7% increase in TRX deposits.
After the de-pegging in June, the report showed concerted attempts to prevent another de-pegging of the stablecoin. This process was described as the “peg stability module,” which uses assets like USDJ, TUSD, USDC & USDT to collateralize USDD adequately.
The Messari November report also shows that the stablecoin (USSD) is sufficiently backed by non-native collateral assets like USDT, BTC, and USDC. It stated that DAO bought $50 million worth of BTC and TRX to add to its reserves in June and might sell $725M of TRX to back the stablecoin.
There has been a decline in transaction size on the Tron network, but it has little or no effect on the transaction value with stagnating adoption rate, as the average number of USDD holders in total is about 120,000. The average value held is 6000 USDD.
Tron’s October Report Also Shows Significant Progress
The official October reports from Tron’s Twitter handle also confirmed the progressive reports from Messari intelligence; the report shows that over 4.4 million accounts have been added to the Tron network in the last month.
It provided details on the ongoing grand season 3 hackathon, the designation of Tron as the national blockchain infrastructure of Dominica, and the auspicious appointment of Tron’s boss, Justin Sun, to the Huobi global advisory board.
Binance US, on the other hand, has just launched TRX staking. The project added the USDJ token to the Peg Stability Module; this is currently one of the biggest news regarding its developments, adoption, and growth.
According to reports from Coinmarketcap, the USDD live trading price is $0.995877, with a 24-hour trading volume of USD 50,721,115.
USDD and Where It Can Be Purchased
USDD can be purchased from top exchanges like Bybit, MEXC, Bitrue, Phemex, and XT.COM.
As earlier stated, the USDD is a decentralized autonomous organization (DAO) issued reserved stablecoin. Its major selling points are its built-in incentive mechanism and responsive monetary policy, which allows USDD to self-stabilize against de-pegging and help consolidate the value of USDD as an actual settlement currency.
It also has a decentralized currency protocol with a stable price to aid the expansion of its use cases for cryptocurrency-related transactions, making it the best alternative for the blockchain space and the real economy.
