HitBTC, a cryptocurrency exchange established in 2013 has now included TRON’s algorithmic stablecoin USDD as one of its supported coins and tokens for staking.
Dear Traders, $USDD is available for Staking with 11% APY on our platform. USDD is an algorithmic stablecoin on Tron blockchain, also collaterized by a basket of cryptocurrencies. Rated #66 on CoinMarketCap today.
— HitBTC (@hitbtc) October 24, 2022
USDD is one of the 14 coins and tokens supported by HitBTC for staking.
By simply using the staking feature on HitBTC, the USDD has an 11% APY on its platform and allows users to have a daily payout for the rewards.
What is HitBTC?
HitBTC is a digital currency exchange platform that was founded in 2013 by experienced system architects and technology experts.
It has a wide range of supported cryptocurrencies when compared with other exchanges and assures its customers that their platform offers high exchange liquidity.
HitBTC supports to over 380 cryptocurrencies with more than 800 trading pairs available including the most popular ones such as Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin and TRON (TRX).
The mentioned exchange platform is one of the most secure exchanges out there and with no hacking incidents since its launch date. As mentioned on their website, for HitBTC to maintain the security of its platform, they deploy comprehensive audited cryptography schemes with strict operational procedures as well as user-specified white lists and limits.
Asides from its cryptocurrency trading and staking features, HitBTC also offers an API by using bots that help users to trade cryptocurrency automatically and its market overview feature which monitors the general market situation globally and the current market movement.
HitBTC first supported TRON on October 2017.
What is USDD?
USDD or the Decentralized USD is a stablecoin on the TRON blockchain and it is an algorithmic stablecoin that was issued as a TRC token on the TRON network.
It leverages the power of mathematics and algorithms to achieve the overarching goal of financial freedom for all. This is similar to the other algorithmic stablecoins.
TRON DAO Reserve serves as a transparent mechanism to fully manage the reserves backing the USDD.
Our Total Supply is over 800 Million! 💰
— USDD (@usddio) October 13, 2022
The Decentralized USD algorithm will ensure that the stablecoin on the TRON blockchain maintains its US dollar peg regardless of the market conditions.
USDD has been recently granted statutory status as an authorized digital currency and medium of exchange in the Commonwealth of Dominica alongside other TRC20-based tokens.
USDD has been one of TRON’s top coins on its blockchain and over the past few months, a handful number of well-known exchanges and platforms have supported the algorithmic stablecoin.
For more news and updates, see Tron Spark.