[PRESS RELEASE – Dubai, UAE, February 20th, 2024]
CoinMarketCap Research has published an in-depth report on Decentralized USD (USDD), a decentralized, over-collateralized stablecoin pegged to the U.S. dollar at a 1:1 ratio. Launched in May 2022 by TRON DAO Reserve, USDD aims to provide a stable and reliable digital currency for transactions and DeFi applications.
The minting of the USDD stablecoin can only be executed by the seven current members of the TRON DAO Reserve: Poloniex, Amber Group, Ankr, Mirana Ventures, Multichain Capital, FalconX and TPS Capital. TRON DAO Reserve and its members (whitelisted institutions) issue the USDD by staking TRX.
USDD is over-collateralized with a ratio of 204.5%, surpassed only by MakerDAO’s DAI, which has a ratio of 265.3%. The stablecoin is backed by a basket of crypto assets, including BTC, TRX and USDT.
USDD has been granted statutory status as an authorized digital currency and medium of exchange in the Commonwealth of Dominica. USDD is supported by various centralized exchanges, decentralized exchanges, and payment providers, facilitating its use in DeFi applications and real-world transactions.
Users can find the full analysis here:
https://coinmarketcap.com/academy/article/deep-dive-on-usdd-decentralized-usd-stablecoin
CoinMarketCap is ‘Home Of Crypto’, the world’s most trusted cryptocurrency data authority. Its mission is to accelerate the crypto revolution by organizing the world’s crypto intelligence and making it easily accessible to all.
CMC Research
Alice Liu
CoinMarketCap
[email protected]
The post CoinMarketCap Research Releases Decentralized USD (USDD) Report, Over-Collateralized Stablecoin With Leading Ratio of 204.5% appeared first on CryptoPotato.
CoinMarketCap Research has published an in-depth report on Decentralized USD (USDD), a decentralized, over-collateralized stablecoin pegged to the U.S. dollar at a 1:1 ratio. Launched in May 2022 by TRON DAO Reserve, USDD aims to provide a stable and reliable digital currency for transactions and DeFi applications.
The minting of the USDD stablecoin can only be executed by the seven current members of the TRON DAO Reserve: Poloniex, Amber Group, Ankr, Mirana Ventures, Multichain Capital, FalconX and TPS Capital. TRON DAO Reserve and its members (whitelisted institutions) issue the USDD by staking TRX.
USDD is over-collateralized with a ratio of 204.5%, surpassed only by MakerDAO’s DAI, which has a ratio of 265.3%. The stablecoin is backed by a basket of crypto assets, including BTC, TRX and USDT.
USDD has been granted statutory status as an authorized digital currency and medium of exchange in the Commonwealth of Dominica. USDD is supported by various centralized exchanges, decentralized exchanges, and payment providers, facilitating its use in DeFi applications and real-world transactions.
Users can find the full analysis here:
https://coinmarketcap.com/academy/article/deep-dive-on-usdd-decentralized-usd-stablecoin
About CoinMarketCap
CoinMarketCap is ‘Home Of Crypto’, the world’s most trusted cryptocurrency data authority. Its mission is to accelerate the crypto revolution by organizing the world’s crypto intelligence and making it easily accessible to all.
Contact
CMC Research
Alice Liu
CoinMarketCap
[email protected]
The post CoinMarketCap Research Releases Decentralized USD (USDD) Report, Over-Collateralized Stablecoin With Leading Ratio of 204.5% appeared first on CryptoPotato.
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