Home Finance Tron’s USDD Stablecoin fluctuates again and falls below $1 in early 2023

Tron’s USDD Stablecoin fluctuates again and falls below $1 in early 2023

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Four days ago, stablecoin fell to $0.972 per unit and on Tuesday, January 10, 2023, USDD slipped to $0.977 per unit. At the time of this writing, the Tron-issued stablecoin is trading at 98 cents per coin.

USDD stablecoin drops to 97 cents per token

There were slight fluctuations in the USDD price at the start of the new year, as the stablecoin dipped into the 97 cent range a few times in 2023. After the event of depreciation of Terra’s stablecoin in May 2022, the USDD began to slip slightly below the $1 parity, causing anxiety in the crypto industry. A number of other stablecoins have experienced similar deviations. On June 19, 2022, the USDD hit a low of 92.8 cents per unit, but the stablecoin managed to regain the $1 peg, trading between 98 cents and 99 cents per unit.

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Tron's USDD Stablecoin fluctuates again and falls below $1 parity in early 2023.
30-day view of Tron’s USDD stablecoin against the US dollar on January 10, 2023.

By mid-December 2022, the USDD had moved away from parity at $1, and Tron’s Justin Sun said the team had deployed more capital. The USDD has been fluctuating in value since Dec. 11, 2022, and hit a low of $0.971 on Dec. 13, 2022, according to data from coingecko.com. Last week, a similar case occurred when the USDD price plunged to $0.972 per unit on Jan. 6, 2023. The charts show that the USDD’s action four days later, on Tuesday, January 10, 2023, indicates that the stablecoin has slipped to $0.977 per unit in the past 24 hours.

Tron's USDD Stablecoin fluctuates again and falls below $1 parity in early 2023.
Tron’s DAO reserve page on January 10, 2023.

According to the Tron DAO Reserve page project website, the USDD is over-collateralized at 202.41% compared to projects like DAI, which is at 120%, and the USDO or the USDT and USDC at 100%. USDD is currently the eighth largest stablecoin in terms of market capitalization, which is $710.03 million at the time of this writing, 4 p.m. Eastern time on Tuesday. The number of USDD outstanding is higher, at 725,332,035.

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Currently, the overall volume of USDD trading is approximately $33.44 million in the last 24 hours. With USDD trading at times at 97 cents, this means that a person with $1,000 USDD can only get about $970 in U.S. dollars. Meanwhile, the rest of the top ten stablecoins on January 10, 2023, trade for USD values between $0.997 and $1.00. The statistics also show that USDD coins in circulation have increased by 0.8% over the past 30 days.

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