Bitrue, one of the leading digital asset management platforms announced today that they have listed the algorithmic stablecoin USDD.
📢The #USDD spot trading (USDD/USDT) opened on @BitrueOfficial already!
💡Note that #TRC20 – USDD deposits is now supported and withdrawals will be enabled in approximately 24 hours.
💪Together we #BUIDL the best #StableCoin $USDD.
More details👉https://t.co/5fvPzzAL36 pic.twitter.com/OAZPN0kaRS
— USDD (@usddio) June 2, 2022
The platform would now allow its users to deposit and trade the stablecoin with the trading pair of USDD/USDT. They also provide a yield farming for the USDD and offer a 30% APY.
Bitruealso mentioned that the withdrawals would be enabled approximately 24 hours after the trading has gone live on their platform.
What is Bitrue?
Bitrue is a digital asset management platform from Singapore and it was launched in 2018. The exchange was founded by a group of blockchain enthusiasts and aims to provide a safe and convenient service for cryptocurrency trading and be the best aggregator of qualified cryptocurrencies in the market.
#USDD $USDD is coming to Bitrue spot trading. @usddio
– Deposits are open right now
– Trading starts 10:00 UTC today
– Pairs are USDD / $USDT
Details – https://t.co/o9QIKmH9Pr pic.twitter.com/bKJp7pMOCX
— Bitrue (@BitrueOfficial) June 2, 2022
The exchange provides support to over 250 cryptocurrencies with competitive trading fees compared to other exchanges. Asides from the digital asset trading services they provide, they also have futures trading platform, loans, and high-interest yield farming and staking.
As mentioned on their website, Bitrue also has a Senior Management team from Capital One and website security experts represent the apex of their professions at the international level and assure their users of a safe and stable high-performance trading platform.
What is USDD?
USDD or the Decentralized USD is the newest stablecoin on the TRON blockchain and it is an algorithmic stablecoin that is issued as a TRC token on the TRON network.
It will leverage the power of mathematics and algorithms to achieve the overarching goal of financial freedom for all. This is similar to the other algorithmic stablecoins such as TerraUSD (UST) and Frax Finance (FRAX).
🎊The total supply of $USDD has surpassed 600 million within the first month of its launch!🎊
Our #StableCoin $USDD is growing much stronger! 🚀
Check more 🔗 https://t.co/OTvCuPwJOm#USDD is on fire! https://t.co/lhjQLGIwb3 pic.twitter.com/m2hVOhL0uY
— USDD (@usddio) May 28, 2022
The recently established TRON DAO Reserve would serve as a transparent mechanism to fully manage the reserves backing the USDD.
To know how USDD works here is an explanation by them in the open letter to the community:
When the USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX and when the USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralized system and receive 1 USDD.
The Decentralized USD algorithm will ensure that this stablecoin on the TRON blockchain maintains its US dollar peg regardless of the market conditions.
USDD is also available on Ethereum and BNB Chain through the BTTC cross-chain protocol.
In just a span of two weeks after being supported by one of the largest exchanges in the market Poloniex, BitRue is the next platform to add the algorithmic stablecoin to their platform. Expect to see more financial platforms fully support USDD in the next following months to come.
For more news and updates, see Tron Spark.