USDD has grown in market cap to become the 72nd largest cryptocurrency which was leveraged from a slight dip in stablecoin activity.
Despite concerns about the reliability of stablecoins and bearish trends in the cryptocurrency market, one stablecoin stands out. The recent meltdown of the Terra ecosystem called into question the credibility of various stablecoin projects, including the USDD stablecoin.
Meanwhile, the Terra ecosystem is preparing for the Terra 2.0 transition and the LUNA airdrop. Following the demise of the Terra network, the user, developer, and validator communities rallied in support of revival plans. Do Kwon, Terra’s founder, proposed creating a new Terra chain, abandoning the plan to fork the Terra chain.
USDD Consistent Growth
Despite the overall cryptocurrency market crash, USDD, the decentralized algorithmic stablecoin based on TRON, is on a roll. Since its launch earlier this month, the stablecoin’s market cap has grown by leaps and bounds.
Before the crash, UST’s success prompted new entrants to investigate stablecoins in the crypto market. Tron launched the stablecoin on May 5 and has since gained industry attention.
According to CoinMarketcap, the USDD market cap is currently $603 million. From a market cap of $378 million on May 21 to $600 million on Saturday, the company’s growth has been steady.
The USDD team stated that the milestone was achieved within the first month of the currency’s launch.
“The total supply of $USDD has surpassed 600 million within the first month of its launch! Our stablecoin $USDD is growing much stronger!”
USDD Survives Market Turbulence
After surviving the recent UST crash, USDD entered the top 100 cryptocurrencies list just a few weeks after its launch. Stablecoin is currently ranked 72 in terms of market capitalization.
The Tron stablecoin’s daily volume has increased dramatically in recent weeks. The increase follows a brief drop in stablecoin activity following the market crash. The demise of UST hurt the market as a whole, particularly stablecoins.
