KuCoin, one of the top and most well-known cryptocurrency exchanges in the world, added a new trading pair of TRON’s algorithmic stablecoin USDD and TRX.
— KUCOIN (@kucoincom) June 27, 2022
The addition of the USDD/TRX trading pair would make it the 3rd trading pair of USDD on the platform alongside the USDD/USDT and USDD/USDC.
TRON’s algorithmic stablecoin was launched last May and marks its entry into the field of decentralized stablecoin.
What is USDD?
USDD or the Decentralized USD is one of the recent stablecoin launched on the TRON blockchain and it is an algorithmic stablecoin that would be 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.
— USDD (@usddio) June 5, 2022
During the launch of USDD, they established the TRON DAO Reserve which serves as a transparent mechanism to fully manage the reserves backing the USDD.
As explained in their launch:
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 the newest stablecoin on the TRON blockchain maintains its US dollar peg regardless of the market conditions.
USDD will also be available on Ethereum and BNB Chain through the BTTC cross-chain protocol.
What is KuCoin?
KuCoin is a cryptocurrency exchange that was launched in Hong Kong last 2017 and it is dubbed the “The People’s Exchange”. They have been one of the top crypto exchanges in the world and currently, ranks 5th on the top digital asset exchanges by CoinMarketCap.
There are over 370+ cryptocurrencies available for trade on their platform and they continue to always add new coins/tokens to their exchange from time to time.
They are one of the few digital asset exchanges to offer margin trading and a trading bot to automatically trade for its users.
KuCoin users have multiple opportunities to earn additional tokens through cloud mining, pooling, and crypto lending.
What USDD trading pair do you think should be added soon? Let us know in the comments section below.
For more news and updates, see Tron Spark.